Angelo Mozilo and Countrywide's legacy
The problem facing Bank of America is stunning, both on an economic and on a human scale. Among its 14 million mortgage customers, nearly 1 in 10 is past due. Another 190,000 have not been able to make a payment in at least two years, and one-third of the homes facing foreclosure are vacant, making them harder to maintain and sell.
BUSINESS DAY
Batting Cleanup at Bank of America
By NELSON D. SCHWARTZ
Published: December 11, 2010
Since taking over as C.E.O., Brian Moynihan has stabilized Bank of America, but he is still grappling with his predecessors' acquisitions, like Countrywide.