Bank Of America Buys Countrywide In $4B Deal
On the subprime mortgage crisis front, Bank of America has announced a deal where they will buy the troubled Countrywide Financial for $4.1 billion dollars. This will make Bank of America the nations largest mortgage lender and will provide much needed relief to the largest independent mortgage banker. While this acquisition is a major step in solving the mortgage meltdown, subprime,more failures and acquisitions are anticipated in the coming months.
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