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January 11, 2008
Bank of America agrees to buy troubled mortgage lender Countrywide for $4 billion in stock
Bank of America said it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.
The acquisition will make Charlotte-based Bank of America Corp. the nation's biggest mortgage lender and loan servicer.
Bank of America said it initially plans to operate Countrywide separately under the Countrywide brand, with integration occurring no sooner than 2009.
Posted by S. Germain at January 11, 2008 08:49 AM