Bank of America To Replace President of Countrywide
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Showing the president of Countrywide Financial Corp., David Sambol, the door, Bank of America Corp. said yesterday that it would appoint one of its own top executives to oversee mortgage operations after completing its acquisition of Countrywide.
When it announced in January that it would buy Countrywide, Bank of America said that Mr. Sambol, the no. 2 executive to the founder and chairman of Countrywide, Angelo Mozilo, would stay on to run the nation’s largest home-loan operation from Calabasas, Calif., where Countrywide is based.
But that role will be handed to Bank of America’s chief technology and operations officer and a member of the bank’s management operating committee, Barbara Desoer.
Bank of America’s chairman and chief executive, Ken Lewis, yesterday reiterated his promises that Countrywide’s free-wheeling approach to home lending, which racked up billions of dollars in losses on risky mortgages, would be replaced by more conservative policies.
