Bank of America is exiting the residential wholesale mortgage market according to this AP Report found on Yahoo Business News.
Bank of America is the country’s second largest bank. They had been rumored to be in the market to buy Countrywide over the last few months. In fact Countrywide had received a $2 billion injection of funds a few months back from BofA. Bank of America has had minimum exposure to the subprime crash of the last year as they exited subprime lending is 2001. Nonetheless, BofA has shut down the wholesale arm of its business to concentrate on retail lending.
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