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Bank of America Acquires Countrywide

Bank of America Acquires Countrywide

Jonathan Dalton, Phoenix Real Estate AgentAs 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:

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.

[tags]countrywide, real estate financing[/tags]

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