Bank of America Corp. said its Countrywide Home Loans Inc. unit would make new mortgage loans in Illinois, defying state regulators who on Thursday prohibited the company from the practice, the Chicago Tribune reported Friday on its Web site.
A Bank of America spokesman late Thursday said Countrywide "is still open for business in Illinois."
Countrywide Home Loans operates under a state license, but loans are made through the federally chartered Countrywide Bank FSB, the newspaper reported.
A spokesman for the Illinois Department of Financial and Professional Regulation conceded the agency has no control over Countrywide's federal charter. "All we can say is we don't think Countrywide should be making loans."
