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Friday, January 11, 2008

Bank Of America buys Countrywide: What's next for the largest mortgage lender?




January 11 2008 Best-Mortgage-Companies.com
Bank of America is in advanced talks to buy Countrywide, the largest mortgage lender in the country, at a severely distressed price in order to avoid the company‘s bankruptcy. Countrywide has been aggressive in helping troubled subprime borrowers get out of loans they can’t afford. Bank of America will have to restructure the loans that have to be reworked. There are hopes that the bailout will provide more opportunity for loans in the future. So what does this mean for Countrywide CEO and co-founder Angelo Mozilo? Bank of America' s CEO Ken Lewis says he will keep many top executives. "Angelo has told me he will do anything we want him to do in terms of how long he stays", he says.
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