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."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.