BofA, Countrywide complete purchase, continue merging operations by ProQuest

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Charlotte, NC-based Bank of America announced it has completed its purchase of Calabasas, CA-based Countrywide Financial Corp effective July 1, and it will spend the remainder of the year integrating the two operations into a fully merged mortgage company. The combined company will modify or work out about $40 billion in troubled mortgage loans over the next two years, and these efforts will keep an estimated 265,000 customers in their homes. The combined loss-mitigation staffs will be maintained at the level of more than 3,900 for at least one year, the company said.

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