CREDIT CRASH
Bank of America confirmed it will buy Countrywide for $4 billion in an all-stock transaction.
Angelo Mozilo of Countrywide said "We believe this is the right decision for our shareholders, customers and employees," They will receive 0.1822 of a share of Bank of America stock for each share of Countrywide.
Bank of America had stepped in to the tune $2 billion for a 16 percent stake in Countrywide last year. So it looks like in for a penny in for a pound since the housing slump is hitting Countrywide hard and will probably continue to do so.
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Angelo Mozilo of Countrywide said "We believe this is the right decision for our shareholders, customers and employees," They will receive 0.1822 of a share of Bank of America stock for each share of Countrywide.
Bank of America had stepped in to the tune $2 billion for a 16 percent stake in Countrywide last year. So it looks like in for a penny in for a pound since the housing slump is hitting Countrywide hard and will probably continue to do so.
Discuss
Add this link to...
Tell a friend
Bury
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Nothing surprising here, plenty more losses to come for financials....Ambac covers $556bn in municipal and asset-backed securities, hardly...I always check credit ratings before I make a decision...This won't tackle the lack of deals or reluctance of lenders to refinance...At least Bernanke was clear about what they believed - even if they're...Fed sees more risk to the downside BUT doesn't realize that there's enough...Writedowns are MORE than $18 billion. In the release they reveal U.S....Dont see how they were all owned by the "elites", anyway dont...
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