Friday, January 11, 2008

Financial News: Bank of America Purchases Countrywide Financial

Countrywide Financial, the new symbol of the housing market downturn and subprime mortgage crisis, will be purchased by Bank of America for a fairly modest $4 billion. The purchase will be complete by the 3rd Quarter of this year, and is expected to provide a boost Bank of America's stock in 2009.

Interesting, because Bank of America has some rather large coffers, which may save Countrywide from filing bankruptcy.

In other stock market news, in case you haven't kept up, today is another one of those "market correction" days, as the Dow is down over 285 points as I type this. I'm going to hate looking at my 401K tomorrow...

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