Amazing. Good job that BofA is huge and can hopefully absorb this failing mortgage company. While it now makes them the largest lender in the US, it also comes with a lot of liabilities.
Quote:
Bank of America came to the rescue of embattled mortgage lender Countrywide Financial Corp. Friday, announcing it would buy the company for $4 billion in an all-stock deal.
Countrywide (CFC, Fortune 500) shares tumbled 15 percent in afternoon trading on the New York Stock Exchange a day after soaring 51 percent on speculation that the deal was forthcoming. Bank of America (BAC, Fortune 500) stock edged lower.
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http://money.cnn.com/2008/01/11/news...yes&eref=yahoo