The Real Deal Miami

Bank of America shoulders Countrywide debt

November 11, 2008 04:25PM

Mortgage lender Countrywide’s $16.6 billion debt is now on acquirer
Bank of America’s books. Bank of America is the second-largest bank in
South Florida ranked by deposits, with 15.35 percent of the market
share as of June 30. Last month, Bank of America said it would provide
up to $8.4 billion to modify troubled mortgages it acquired as part of
its purchase of Countrywide, which is part of a settlement with
attorneys general in several states, including Florida. They sued
Countrywide, accusing the mortgage lender of deceptive and misleading
practices that led to borrowers obtaining potentially risky and
costly loans.