Pickle Real Estate

Reading Between the Head-Lines

Countrywide purchase keeps costing Bank of America

2010-11-04  Charlotteobserver.com

For Bank of America, Countrywide Financial is turning into a fixer-upper home that keeps needing one more budget-busting repair.

In January 2008, then-chief executive Ken Lewis called the Charlotte bank’s $4billion deal to buy the troubled lender a “compelling value.” But nearly three years later, the mortgage unit created by the acquisition is a major headache for Lewis’ successor, Brian Moynihan, and the bank’s shareholders.

Read more: http://www.charlotteobserver.com/2010/11/04/1810176/countrywide-purchase-keeps-costing.html#ixzz14M186V9Z

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November 4, 2010 - Posted by | Banking, Foreclosure, Lending, Real Estate, Stats

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