BofA takes Countrywide

The nation's largest mortgage lender and servicer is now in the process of being acquired by Bank of America, one of the nation's largest depositories. The tide has now shifted completely away from the old model of mortgage lending, as many experts predicted. The only question now is where Wall Street will fit into the new paradigm.

I expect the biggest firms will find a way to leverage technology and their existing networks of trusted financial advisors to sell loans directly to consumers. The rest will see MBS fall off to nothing.