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Bank of America Bails Out Countrywide

Lender avoids disaster as bank buys $2 billion in cut-rate shares

By Jason Farago, Newser Staff

Posted Aug 23, 2007 6:34 AM CDT

(Newser) – Countrywide came back from the brink yesterday as Bank of America bought $2 billion in preferred stock in the mortgage company, writes the Los Angeles Times. Countrywide's share price soared in after-hours trading, only a week after the credit crunch brought it to the point... Read full story »

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Bank of America Bails Out Countrywide

Lender avoids disaster as bank buys $2 billion in cut-rate shares

Bank of America • bankruptcy • subprime mortgages • stock • Countrywide • credit crisis

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More Newser Stories

BofA May Buy Ailing Countrywide

Talks between bank and troubled mortgage giant well advanced

Credit Crunch Continues, and So Do Ads

Lenders are still advertising cheap mortgages, but the loans aren't there

Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

Top US mortgage lender caught in the squeeze

This Woman's Job: to Make You Like BofA

Anne Finucane juggles politicians, shareholders, and customers

BofA Pays $335M to Settle Claims Over Minority Loans

It's the largest fair-lending settlement in history

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