Want proof that the so called housing crisis, mortgage meltdown, drag on the economy, is just that, so called, look at the paper. Either the folks at Band Of America are stupid or..... I am voting for not stupid.
Yes they did get Countrywide cheap. But the bottom line here is that the guys and gals at B of A see a market that is strong. They are saying weak but spending their dollars in the opposite direction. Basically they are making big bucks by forcing prices down , taking losses and not worrying about financing loans for increasing values. Where is the media quoting the obvious ? Why would B of A buy Countrywide at any price if the market was in free fall meltdown or crisis. They wouldn't!!! But they would move in to scoop up bargains in anticipation of a good market that they can make big bucks in. It makes me mad and sad because folks who need to sell for whatever reason are caught in the cross hairs of big guys trying to make big bucks.