Countrywide Financial, a business name synonymous with the risky lending practices of the subprime mortgage bust, will be quietly retired on Monday by its owner Bank of America.

BofA bought Countrywide in January last year in a deal valued at $4.1bn after the biggest US mortgage lender ran aground on multi-billion-dollar losses. The bank is renaming Countrywide’s operations as part of Bank of America Home Loans, ending four decades of a brand established by Angelo Mozilo, former chief executive.