Bank of America Corp. to acquire Countrywide
Bank of America Corp.’s plan to acquire troubled mortgage lender Countrywide Financial Corp. Countrywide has been rumored to be in trouble now for sometime, and was facing a possible bankruptcy. In a press release, Bank of America said it “will benefit from Countrywide’s broader mortgage capabilities, including its extensive retail, wholesale and correspondent distribution networks.” That suggests Charlotte, N.C.-based BofA intends to allow Countrywide to continue funding loans originated by mortgage brokers, and buying loans from other banks.I am curious to hear you thoughts on how you think this might impact our current market conditions.