Everybody here knows I like providing commentary on the financial train wreck that is Countrywide.  As pretty much everyone knows and I wrote about Bank of America formally submitted an offer to purchase Countrywide and of course I was skeptical.  The details of the agreement are now available, as they've been filed with the SEC.

Anyways probably the most interesting part is Countrywide pays Bank of America a $160M breakup fee if the deal falls apart.  These types of deals almost always have breakup fees but it's typically the buyer paying it.  The list of reasons that Bank of America can back out of the deal is rather lengthy, so basically they get 9 months (estimated closing time) to look through Countrywide's books.  If they don't like what they see or find inaccuracies in Countrywide's representations, they walk away with $160M.  Hum...