Bank Of America Loses the Countrywide Tag

Bank of America Corp. (BAC) formally dropped the Countrywide name from its mortgage operations on Monday after acquiring the troubled home lender last year.

The Charlotte-based company is now renaming its mortgage and home equity lending operations as Bank of America Home Loans, hoping to put behind a past tarnished by risky subprime lending, a series of lawsuits and an FBI investigation. Countrywide, which emerged as the largest U.S. mortgage lender before property prices slumped to a historic low, has often been held responsible for spawning the credit crisis through its business practices.

As part of the new changes, Bank of America would offer customers a one-page loan summary in simple language to explain one’s mortgage commitments, including interest rates, monthly payments and payment terms.

Shares of the company were nearly flat at $9.11 in morning trade on the New York Stock Exchange.

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