Bank of America yanks Countrywide Financial customers' credit lines

BofA, after reporting a $3.2-billion quarterly profit, says it has to cut off former Countrywide borrowers' home equity credit lines because of financial conditions.

April 20, 2010

One of the least convincing lines in any breakup is: "It's not you — it's me."

But that's essentially what Bank of America is telling potentially millions of former Countrywide Financial customers as it notifies them that their home equity lines of credit won't be renewed as they approach the five-year mark.

"This decision was not based on your credit record or your performance in paying your home equity line of credit and will not adversely affect your credit score," BofA says in its non-renewal notices.

"This decision was based solely on current conditions in the financial markets."

That's a fine how-do-you-do. You hold up your end of the deal and remain a customer in good standing, never missing a payment, never demonstrating greater risk. But your bank nonetheless says it doesn't want your business any more.....