MortgageDaily – BoA Backs Out of Texas Deal
In December 2004, Countrywide Financial Corp. agreed to a deal with the State of Texas to add 7,500 mortgage employees in the state. Shortly after its July 2008 acquisition of Countrywide, Bank of America Corp. confirmed that it planned to maintain the agreement with Texas. Now BoA is refunding money it received under the agreement because the current mortgage market is not conducive to the original expansion plans.
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