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  • January 10, 2008 at 12:29 PM #11455
    Coronita
    Participant

    All I can say…Wow…Take a perfectly good bank, and trash it some more….

     

     

    Bank of America in talks to buy Countrywide: source
    Thursday January 10, 2:48 pm ET

    NEW YORK (Reuters) – Bank of America Corp, the second-largest U.S. bank, is in advanced talks to buy Countrywide Financial Corp, the largest U.S. mortgage lender, a person familiar with the matter said on Thursday. Neither company immediately responded to requests for comment.

    It was not clear how quickly a merger might take place, but it could occur soon, The Wall Street Journal reported, citing two people familiar with the matter. The newspaper earlier reported a possible merger.

    Countrywide has been struggling with the U.S. housing slump, and on Wednesday said foreclosures and late payments among home loans for which it collects payments rose to the highest levels on record in December.

    "Somebody is going to have to absorb the massive losses in right-positioning Countrywide," said Sean Egan, managing director of credit-rating firm Egan-Jones Ratings Co. "It can be done, but the cost is going to be exorbitant. From Countrywide's perspective, it is their best chance for salvation."

    In August, Bank of America invested $2 billion in Countrywide, buying preferred shares convertible into stock at $18 per share.

    Countrywide shares rose $2.52, or 49.2 percent, to $7.64 in afternoon trading, after earlier rising to $8.91. They remain far below their record high of $45.19, set last February 2.

    (Reporting by Mark McSherry, John Poirier and Jonathan Stempel; Writing by Jonathan Stempel; Editing by John Wallace)

     

     

    January 10, 2008 at 1:18 PM #133452
    (former)FormerSanDiegan
    Participant

    The real losers are anyone still short CFC. Up 50% ! Ouch.
    That’s the problem with stocks of virtually bankrupt companies. Their stock tends to get jerked around a lot as it shrinks.

    January 10, 2008 at 1:18 PM #133641
    (former)FormerSanDiegan
    Participant

    The real losers are anyone still short CFC. Up 50% ! Ouch.
    That’s the problem with stocks of virtually bankrupt companies. Their stock tends to get jerked around a lot as it shrinks.

    January 10, 2008 at 1:18 PM #133655
    (former)FormerSanDiegan
    Participant

    The real losers are anyone still short CFC. Up 50% ! Ouch.
    That’s the problem with stocks of virtually bankrupt companies. Their stock tends to get jerked around a lot as it shrinks.

    January 10, 2008 at 1:18 PM #133709
    (former)FormerSanDiegan
    Participant

    The real losers are anyone still short CFC. Up 50% ! Ouch.
    That’s the problem with stocks of virtually bankrupt companies. Their stock tends to get jerked around a lot as it shrinks.

    January 10, 2008 at 1:18 PM #133746
    (former)FormerSanDiegan
    Participant

    The real losers are anyone still short CFC. Up 50% ! Ouch.
    That’s the problem with stocks of virtually bankrupt companies. Their stock tends to get jerked around a lot as it shrinks.

    January 10, 2008 at 1:56 PM #133482
    drunkle
    Participant

    i like my thread better.

    January 10, 2008 at 1:56 PM #133672
    drunkle
    Participant

    i like my thread better.

    January 10, 2008 at 1:56 PM #133685
    drunkle
    Participant

    i like my thread better.

    January 10, 2008 at 1:56 PM #133739
    drunkle
    Participant

    i like my thread better.

    January 10, 2008 at 1:56 PM #133776
    drunkle
    Participant

    i like my thread better.

    January 10, 2008 at 1:59 PM #133502
    Coronita
    Participant

    Sorry, didn't see it. I like to post this so I can be on top.

     

    [img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

    —– Sour grapes for everyone!

    January 10, 2008 at 1:59 PM #133692
    Coronita
    Participant

    Sorry, didn't see it. I like to post this so I can be on top.

     

    [img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

    —– Sour grapes for everyone!

    January 10, 2008 at 1:59 PM #133705
    Coronita
    Participant

    Sorry, didn't see it. I like to post this so I can be on top.

     

    [img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

    —– Sour grapes for everyone!

    January 10, 2008 at 1:59 PM #133759
    Coronita
    Participant

    Sorry, didn't see it. I like to post this so I can be on top.

     

    [img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

    —– Sour grapes for everyone!

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