Bank of America has bought them out after they were in trouble here in Illinois for frauding buyers. I don't know if it happened in other areas. Apparently they offered up adjustable loans to those who could not afford the rising cost once the economy went down. I have also heard there was an identity issue in another area of their company.

If you go to their website countrywide.com you'll see where Bank of America has bought them out. The transition shouldn't affect any of us with current loans and should take place before the end of the year, I think.