“Bank of America thought it was laying claim to a crown jewel of American mortgage lending when it scooped up Countrywide Financial Corp. at the depths of the housing crisis in 2008.

With a name reflecting its ambition, Countrywide transformed itself from a regional lender in Calabasas to a burgeoning powerhouse. It seemed to have perfected the elusive art of making home loans to borrowers with scuffed credit.

…

“It’s better late than never, but it sure as heck should have been earlier and should have been more,” said Dennis Kelleher, chief executive of Better Markets Inc., a liberal nonprofit group focused on financial reform.”

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