CALABASAS, Calif., Jan. 14 (UPI) -- Bank of America's planned purchase of troubled Countrywide Financial won't impact immediately U.S. consumers with Countrywide loans.

In fact customers of both institutions won't see many changes before 2009, when the companies begin to meld some of their operations, USA Today reported Monday.

Countrywide, which said last week 7 percent of its borrowers were in default, is participating in a national program to refinance or freeze interest rates for some borrowers carrying subprime adjustable rate loans. The Bank of America-Countrywide merger wouldn't immediately affect homeowners who have mortgages from either lender.

Over time, however," it's going to mean less choice" for consumers, Guy Cecalla, publisher of Inside Mortgage Finance, told USA Today. "No one is going to want to hear that. Countrywide was really out there in terms of having a breadth of mortgage products."

Last year, Countrywide, based in Calabasas, Calif., laid off 20 percent of its work force as the real estate market tanked in the worst downturn since World War II.