Less than two years after embarking on a painful retreat from home lending, Bank of America Corp. is girding for a new run at the U.S. mortgage business, the Wall Street Journal reported today. The Charlotte, N.C.-based company aims to sell more mortgages through its 5,000-plus branches, executives said. The fourth-biggest U.S. mortgage lender, after Wells Fargo & Co., JPMorgan Chase & Co. and U.S. Bancorp, is intent on "growing that business," Chief Executive Brian Moynihan said. Bank of America's $2.5 billion purchase of Countrywide Financial Corp. in 2008 briefly made it the top U.S. home lender before the housing market crash saddled the company with billions of dollars in losses.
