Bank of America (BAC) has finally received approval from the Board of Governors of the Federal Reserve to acquire Countrywide (CFC). Investors do not know whether to laugh or cry over that one. As the sub-prime mortgage debacle got worse the initial rationale that Bank of America used began to look weaker. The acquisition still has to be approved by Countrywide shareholders. In a short press release this comment was attributed to the chairman and CEO Kenneth D Lewis ’This transaction represents a rare opportunity for Bank of America to significantly gain market share in the mortgag[...]
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[Source: The Money Blogs]
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