Bank of America Corp officially announced today that it will buy mortgage lender Countrywide Financial Corp for $4 billion dollars.
According to Reuters, "Countrywide's market value has slid by about $22 billion in the last year." Caught in the subprime mess up until now, hopes are that the merger will "avert one of the biggest collapses in the U.S. housing crisis."
Bank of America and Countrywide will combine to create the nation's second-biggest mortgage lender.
Bank Of America to Buy Countrywide For $4 Billion, from Reuters via the New York Times
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