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