Former top mortgage lender Countrywide, now owned by Bank of America, failed to bring an additional 7,500 jobs to the state of Texas as promised back in 2004.
Six years ago, the Calabasas, CA-based home loan lender received a $20 million grant after pledging to create 7,500 new jobs in the Lone Star State by 2010.
But after the unprecedented mortgage crisis, subsequent layoffs, and its merger with Bank of America, the company failed to make good on the promise.
Bank of America reportedly notified Texas Governor Rick Perry's office on December 31, 2009 that it was terminating the $20 million deal, as it was unable to meet the goal, falling more than 1,600 jobs short of target.
As a result, the company will repay $8.45 million to the state.
rest at http://www.thetruthaboutmortgage.com/countrywide-fails-to-add-promised-texas-jobs/
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