David Sambol, president & chief operating officer of Countrywide has been placed in charge of Bank of America's combined mortgage business.
But this decision has raised some eyebrows as he was the spearhead of Countrywide's lunge for growth. Sambol embraced company's pursuit of subprime mortgage loans which had turned Countrywide into largest mortgage lender in the country.
According to 4 current & former executives at the company, David Sambol had brushed aside warnings by company's risk-control managers that Countrywide's lending standards were too laxed.
Right now it is too soon to tell what Mr. David Sambol will be doing at BofA. Some people are sceptical of his appointment with Bank of America.
In a statement CEO of Center for Community Self-Help, Martin Eakes said -
