Countrywide Acquisition

Source: www.moreover.com --- 44 days ago
NEW YORK -- Countrywide's Acquisition by Bank of America Corp. was supposed to help keep the troubled mortgage lender from collapse. Things might not turn out exactly as planned. ...

Source: www.fwicki.com --- 44 days ago
The logo and sign for Countrywide Financial Corp. hangs outside a branch office of the firm in Brooklyn, N.Y. NEW YORK -- Countrywide's Acquisition by Bank of America Corp. was supposed to help keep the troubled mortgage lender from collapse. Things ... ...

Source: www.msnbc.msn.com --- 7 days ago
Bank of America (BAC) posts $0.15, vs. $0.82 a year ago, third quarter EPS, driven by significant increase in provision expense, as credit costs continued to rise, partially offset by advances in various income categories largely as a result of Countrywide Financial Acquisition and LaSalle Bank. Revenue net of interest expense rose 21% to $19.9 billion. It reduces quarterly dividend by 50% to $0.32. Commences public offering of about $10B of common stock. The two capital raise initiatives target an 8% Tier 1 capital ratio. S&P downgrades to hold from buy. ...

Source: albany.bizjournals.com --- 107 days ago
Bank of America Corp. has completed its Acquisition of California mortgage lender Countrywide Financial Corp. The deal makes Charlotte, N.C.-based BofA the country's largest mortgage lender. (CFC) (BAC) ...

Source: southflorida.bizjournals.com --- 107 days ago
Bank of America Corp. has completed its Acquisition of mortgage lender Countrywide Financial Corp. The deal makes Charlotte, N.C.-based BofA the country's largest mortgage lender. (BAC) ...

Source: www.channelnewsasia.com --- 107 days ago
WASHINGTON : Bank of America said on Tuesday it completed its purchase of Countrywide Financial, the largest US mortgage lender that had been at the centre of the country's sub-prime loan crisis. ...

Source: www.palmbeachpost.com --- 60 days ago
Countrywide's Acquisition by Bank of America Corp. was supposed to help keep the troubled mortgage lender from collapse. Things might not turn out exactly as planned. ...

Source: www.californiaprogressreport.com --- 10 days ago
By Frank D. Russo California Attorney General Brown was the first of many state’s Attorneys General to sue Countrywide Financial in June and we reported on the significance of his action then. His lawsuit alleged that Countrywide, the nation’s largest mortgage lender prior to its July 2008 Acquisition by... ...

Source: dex.rss --- 35 days ago
Lehman Brothers has approached other major financial institutions about a potential Acquisition or investment in the battered securities firm, people close to the situation said Thursday. The Wall Street Journal, citing people familiar with the situation, reported that Bank of America Corp. was in “preliminary discussions about a transaction.” The Journal said the Charlotte-based bank could be Lehman's best hope of a sale, but it may only do a deal if it is encouraged by the federal government. Bank of America is already grappling with its purchase of another troubled institution – mortgage lender Countrywide Financial Corp. The Journal said the situation was so fluid that it was too early to say whether a sale would occur. Lehman shares are down more than 40 percent today to $4.25. Bank of America spokesman Scott Silvestri said the bank doesn't comment on “market rumor and speculation.” Buying Lehman would run counter to the recent downsizing of Bank of America's corporate and investment bank following credit crunch-related losses. At an investor conference Wednesday, Brian Moynihan, head of the corporate and investment bank, said his unit had cut 3,400 jobs, or 15 percent of its positions, since October. He also emphasized plans for internal growth. When the unit's troubles first surfaced last fall, Bank of America chief executive Ken Lewis famously said he had had all the fun he could stand in investment banking. Lewis, howeve ...

Source: www.wickedlocal.com --- 26 days ago
Despite the recent woes on Wall Street, Town Treasurer Floyd Carman said Belmont doesn’t need to worry about its investments quite yet. Normal 0 “As far as the general fund and the trust funds go, I have no real concern,” he said Thursday. “At the very best, any exposure [to risk] we might have is just the market dropping down. The market will bounce back.” Carman said he is too far removed from the management of the retirement funds, which are overseen by the Retirement Board, but that the rest of Belmont’s investments are “not tied to anything crazy” and should weather the stock market storm just fine. The funds are “in CDs and money-market accounts, 12- and 24-month state and federal municipal bounds,” he said. “We’re not in anything wild and exotic.” Carman said he is “a little concerned” with Bank of America’s recent purchases, however. The corporation handles Belmont’s day-to-day banking needs, like daily deposits and accounts-payable, he said, and he wonders if the bank has “bitten off too much” with its Acquisition of Merrill Lynch this week and Countrywide earlier this year. “They look solid now,” he said, “and I understand their strategic plan of growth, but sometimes when you get too big, it’s not good.” If the town had “many millions of dollars” invested with Bank of America, he said he would be “very concerned,” but even then the bank is federally insured to protect investors. For now, with the town’s history of an unadven ...

Source: www.financialweek.com --- 37 days ago
Countrywide Acquisition positions Bank of America to dominate secondary market for home loans. ...

Source: blownmortgage.disqus.com --- 30 days ago
The fall-out from the Lehman bankruptcy is already gaining momentum. Bank of America, who was a last-minute suitor for Lehman Brothers is now rumored to be looking at a possible Acquisition of Merrill Lynch. CEO Lewis has been agressive in picking up assets hammered by the mortgage meltdown, including the fire-sales Acquisition of Countrywide in [...] ...

Source: time-blog.com --- 31 days ago
When my colleague Jyoti Thottam wrote this profile of Bank of America CEO Ken Lewis in January, we used the headline "The Savior of Countrywide?" Guess we can drop the "Countrywide" and question mark. Here's B of A's rundown about how big and bad it is, now that it's swallowing Merrill Lynch: The combined company would have leadership positions in retail brokerage and wealth management. By adding Merrill Lynch’s more than 16,000 financial advisers, Bank of America would have the largest brokerage in the world with more than 20,000 advisers and $2.5 trillion in client assets. The combination brings global scale in investment management, including an approximately 50 percent ownership in BlackRock, which has $1.4 trillion in assets under management. Bank of America has $589 billion in assets under management. Adding Merrill Lynch both enhances current strengths at Bank of America and creates new ones, particularly outside of the United States. Merrill Lynch adds strengths in global debt underwriting, global equities and global merger and Acquisition advice. After the Acquisition, Bank of America would be the number one underwriter of global high yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions based on pro forma first half of 2008 results. Guess that makes is almost too big to fa ... oh, never mind. Barbara! ...

Source: banks.com --- 29 days ago
Even as Lehman Brothers files for bankruptcy, Bank of America has turned its sights on Merrill Lynch, buying it out for close to $50 billion. Bank of America has, indeed, created a reputation for itself as a kind of savior, especially since its earlier Acquisition of embattled mortgage lender Countrywide. And now Bank of America is [...] ...