Countrywide sale could collapse

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Bank of America’s $4.1 billion rescue purchase of struggling mortgage giant Countrywide Financial could be unraveling. The word on Wall Street is that the bank could lower its offer or abandon it altogether. Countrywide’s share price plummeted 10.4 percent Monday, following an analyst report urging Bank of America to drop the acquisition because of worsening problems at the nation’s largest home lender. Countrywide’s subprime mortgage losses have widened, federal and state agencies have launched investigations into its lending practices and lawsuits have been filed by customers and investors. 

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