As a result of extraordinary loses from their sub-prime mortgage lending, Countrywide mortgage is going to be acquire by Bank of America. In the NY Times story, BofA justifies this acquisition as "a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price". In other words, Countrywide has lost so much money and the stock price is so low, you can't afford to pass up on this. This Bloomberg article has more on the financial impact of this deal. This deal will have national implications, and this consolidation could have an upside of cleaning up some of the sloppy lending practices.
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