Posted on January 11th, 2008 by Jonathan Dalton

As expected, Bank of America is going to buy Countrywide. The dance has been taking place for a while; it seemed to be only a matter of time.

My quick thought is someone was going to step in. Someone had to step in, considering Countrywide was servicing about 1 in 6 loans nationally. Whether it turns out to be a good deal for BofA or a case of a bank lighting money on fire, only time will tell.

Here’s that the mortgage folks (and others) are saying:

• BofA to Purchase Countrywide … What About the Mortgage Brokers? - Blown Mortgage
• Bank of America Buys Countrywide -Arizona Mortgage Guru
• Buying Countrywide - Why BofA is the Wrong Buyer - Brian Brady
• Bank of America to Buy Countrywide - Steve Belt
• Confirmed: Bank of America Acquires Countrywide - Housing Wire
• Today’s Crunch: AMEX/Merrill/Countrywide Oh My - Urban Digs

Housing Wire also noted that the lender now believed to be in the most dire straits, Washington Mutual, is being eyed by J.P. Morgan.

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Categories: Real Estate Financing, General Real Estate