Bank of America props up distressed lender

08/23/2007 | Bloomberg · Financial Times (free content)

Bank of America has acquired $2 billion in Countrywide Financial preferred shares, ending fears that the nation's biggest mortgage lender would go bankrupt. The move also makes Bank of America Countrywide's preferred lender. "Countrywide is no longer on the endangered company list," Punk Ziegel & Co. analyst Dick Bove wrote in a note to clients.

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Bloomberg · Financial Times (free content)

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