Bank of America chief executive Kenneth Lewis said Tuesday morning that he expects the company's purchase of the troubled Countrywide Financial Corp. to close some time in the second half of this year. There has been speculation that BoA might back out of the deal, which sent Countrywide's share price reeling on Jan. 18. Meanwhile, on Tuesday the treasurer of the Service Employees International Union sent a letter to Federal Reserve Chairman Ben S. Bernanke and elected officials that oversee the mortgage industry, asking them to carefully review the transaction. "While the short-term appeal of this acquisition may be tempting, the long-term implications of bank industry consolidation on this scale raise serious policy and regulatory questions that need to be answered now," wrote SEIU treasurer Anna Burger. The union has 1.9 million members.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry