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... Bury
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