Bank Agrees to Buy Troubled Loan Giant for $4 Billion - New York Times:
"Bank of America announced Friday that it has agreed to pay about $4 billion in stock to acquire Countrywide Financial, the troubled lender that became a symbol of the excesses that led to the subprime mortgage crisis.
“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 D. Lewis, Bank of America’s chairman and chief executive officer, said in a statement."
Brilliant move or ... paraphrasing . John Stumpf (CEO) of Wells Fargo : He said it's puzzling to him why bankers have come up with these new ways to lose money when the old ways were working so well.
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