BoA Shocker: CFC's Sambol Won't Manage Mortgage Ops

David Sambol, the Countrywide executive anointed by Bank of America to manage the combined mortgage operations of the two lending giants, abruptly announced his retirement on Wednesday. An e-mail sent out by Mr. Sambol to Countrywide's employees confirms that he is retiring. "I have dedicated the last 24 years of my life to building Countrywide into the greatest mortgage company in the world." BoA confirmed his retirement in a press statement issued this morning, saying it has named executive Barbara Desoer to head the combined mortgage operations of the two. In his e-mail to employees, Mr. Sambol does not expand on his decision to retire. Ms. Desoer is a chief technology and operations officer for BoA. BoA will officially buy the money-losing CFC by the end of the third quarter.