Bank of America buying Countrywide

Bank of America Corp. said today that it will buy Countrywide Financial, the nation’s largest home mortgage lender, for $4 billion in stock. The move comes after Countrywide’s shares hit record lows in recent days, as the threat of bankruptcy loomed. The new company will do business with nearly one out of every two U.S. households. “Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price and to affirm our position as the nation’s premier lender to consumers,” Kenneth Lewis, Bank of America’s chairman and chief executive officer, said in a statement.