Analyst suggests BofA could declare Countrywide bankruptcy

11/3/2010 | Wall Street Journal, The

Mike Mayo, an analyst at CLSA, suggested in a recent note that declaring bankruptcy for Countrywide might be an option for Bank of America because the unit "remains a separate legal entity." The move would allow BofA to rid itself of much of its mortgage losses, but Mayo said there are many disincentives, including a hit to the bank's reputation.

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