Countrywide will be bought by Bank Of America

Dawn Griffin Posted by
Mortgages and Loans Jan 2008

This article was on the Business Journal website this morning. Apparently Bank of America will purchase Countrywide for “roughly 31 percent of the company’s common stock book value.” Since the announcement Bank of America’s stock has dropped nearly 1%. Probably in anticipation of the upcoming hurdles given the current condition of the housing and mortgage markets.However, the article states, as a long term investment Bank of America just bought a lot of assets for a very discounted price. Bank of America will operate its new acquisition under the Countrywide brand but will no longer be offering subprime mortgages.

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