Bank Of America Buys Countrywide In $4B Deal

On the subprime mortgage crisis front, Bank of America has announced a deal where they will buy the troubled Countrywide Financial for $4.1 billion dollars. This will make Bank of America the nations largest mortgage lender and will provide much needed relief to the largest independent mortgage banker. While this acquisition is a major step in solving the mortgage meltdown, sub prime,more failures and acquisitions are anticipated in the coming months.

Posted on February 10, 2008 12:36:29 by Mark.Eibner