LOS ANGELES — Bank of America officials said Monday that Calabasas would be the national headquarters for a combined mortgage business after the company acquires Countrywide Financial Corp.

While making that commitment to California, they also emphasized the business would reflect the accountability and ethics of Bank of America.

"Bank of America's values and business practices will govern the combined mortgage company," said Liam McGee, president of global consumer and small-business banking for Bank of America.

The reassurance that some operations would be retained at Countrywide's current headquarters came at the beginning of two days of public meetings at the Federal Reserve Bank branch in Los Angeles. The Fed, which held a similar meeting last week in Chicago, will use feedback from the meetings to consider whether to support the bank's $4.1 billion stock purchase of Countrywide.

With about 6,300 employees in Thousand Oaks, Westlake Village and Simi Valley, Countrywide is the second-largest private employer in Ventura County.

Bank of America officials did not address possible job cuts Monday, but it is widely assumed some positions will be lost when the two companies combine operations. The deal would make Charlotte, N.C.-based Bank of America the nation's largest mortgage lender and the nation's largest consumer bank.

About 120 people signed up to speak at the meetings in Los Angeles.

From the outset, critics expressed doubts that the combined company could escape the problems tied to Countrywide, the nation's largest mortgage lender, which is mired in the subprime meltdown. The company has been accused of pushing people into loans they couldn't afford and being reluctant to make changes to help those struggling to avoid foreclosure.

One speaker said Bank of America was attempting to acquire "the devil." Another called Countrywide a "Humpty Dumpty," which Bank of America would have to put back together.

During the day, stories arose of people who tried to resolve problems and still were sent into foreclosure because they couldn't get the help they needed.

Los Angeles County residents Ty and Diane Knowles talked about contacting Countrywide last June to request a loan modification, only to enter a long, convoluted process of unreturned phone calls and being told they didn't qualify. The couple were even told to stop their mortgage payments in order to qualify for help.

They now face foreclosure, even though they can pay the mortgage.

"We're in this black hole," said Diane Knowles. "No one's reaching out to us."

That Countrywide's President and Chief Operating Officer David Sambol will be in charge of the combined company's consumer mortgage business is not reassuring, said Butch Wing, who spoke in behalf of the Rainbow PUSH Coalition.

Many speakers said Bank of America needs to put a solid, specific plan forward on how it would help those at risk of losing their homes. They are worried about how the bank would deal with Countrywide's liabilities. They also expressed concern about leaving borrowers with fewer options in a more consolidated mortgage market.

Rep. Maxine Waters, D-Los Angeles, among the first to testify, said the merger "stands as one of the most important that the Federal Reserve has reviewed in recent memory."

Waters berated the Fed for a lack of oversight in the past, and called for careful scrutiny of this acquisition to determine if it is safe for the financial markets and the economy and has a clear plan to help homeowners.

"Clearly, the Federal Reserve must do a careful analysis to ensure that swallowing Countrywide will not make Bank of America so sick that it soon needs the emergency life support Bear Stearns received a short while ago," she said.

Bank of America leaders reiterated the company's commitment to move the mortgage business away from risky home loans and help struggling homeowners with their mortgages.

McGee said the combined company would help homeowners work out solutions for at least $40 billion in troubled mortgage loans in the next two years. About 3,900 employees would be assigned to work on loss mitigation for at least a year after the acquisition, he said.

He also emphasized the company's community efforts, which include a new 10-year goal of $1.5 trillion for community development, such as affordable housing, small business loans and charitable lending.

Members of The Greenlining Institute commended the $1.5 trillion commitment and the company's philanthropic efforts but called for a greater investment in saving communities hurt by foreclosures.

Of the speakers, few had anything good to say about Countrywide.

"There is no support for Countrywide anywhere in this state. Bank of America has taken on a pariah," said Bob Gnaizda, general counsel for the Greenlining Institute. "We are expecting that Bank of America will set the highest standards immediately. ... The Bank of America standards should be very simple: Would you make this loan to your mother? That's all we ask."

— The Associated Press contributed to this report.