Bank of America to Buy Countrywide
Bank of America Corp. announced today that it has agreed to buy Countrywide
Financial for $4 billion in stock.

“Countrywide presents a rare opportunity for Bank of America to add what we
believe is the best domestic mortgage platform at an attractive price and to
affirm our position as the nation’s premier lender to consumers,” Bank of
America Chief Executive Ken Lewis said in a statement.

The sale will place the responsibility of sorting out the payment issues
surrounding millions of dollars worth of troubled loans on Bank of America.

The agreement has been approved by both companies’ boards and is subject
to regulatory and Countrywide’s shareholders approval.

Source: The Associated Press, Ieva M. Augstums (01/11/08)