Bank of America’s agreement to buy mortgage giant Countrywide Financial in a $4 billion all-stock deal put investors at ease yesterday, boosting shares of Countrywide by 51%, after the mortgage crisis took the stock briefly below the $5 level.

The deal gives Countrywide 0.1822 share of Bank of America for each share they own, valuing Countrywide at $7.16 each, a 7.6% discount. The companies are holding a conference call to discuss the merger, scheduled to begin at 8:30 a.m. ET, and MarketBeat is there to listen so you don’t have to bother.

www.JasonWheelersLoans.com & Real Estate Investing Education

 
Posted by Jason Wheeler on 01/11/2008 05:13 PM   Comments (5)   , , ,  

5 Comments on Surprised to See This Happen?

Hi Jason, I was happy to see the news...it stops some of the rumor mills but not puts Bank of America in a little different market position.  They have been eyeing another way into the real estate sector for a long time.  Nice post.

01/11/2008 05:17 PM by Gary White~ Grand Rapids Real Estate, FLexIt Realty, a call or click away! (Flexit Realty~Serving West Michigan)

Not too surprising and good news, overall, I think...

01/11/2008 05:23 PM by Tom Marshman (ViewPoint Lending)

Can't be bad news!

Here's to a GREAT '08!

Be of service! The rewards will come!

www.mattcrow.com

 

01/11/2008 05:39 PM by Matt Crow - www.mattcrow.com 630-728-6051 (Huntley Realty)

Interesting. We will have to see how it all plays out. Thanks for the update.

01/11/2008 05:40 PM by Mary Bowen The Woodlands Realtor & Relo Specialist (Coldwell Banker United)

Got to be better than the alternative....

01/11/2008 05:50 PM by Pat O'Reilly (RE/MAX)

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