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BoA to Close Countrywide Purchase Deal in '08.
Charlotte, NC -- Bank of America chief executive Kenneth Lewis said recently that he expects his company's purchase of the troubled Countrywide Financial Corp. to close some time in the second half.
Over the past few weeks there has been speculation that BoA might back out of the deal. To date, both companies have released few details about the transaction.
In a research note discussing the deal, Sandler O'Neill analyst Jeff Harte said the bank is paying a "significant discount" to CFC's equity, "but it may be premature to call the purchase price cheap."
CFC, he noted, is facing potential writedowns on its $80 billion on-balance-sheet mortgage portfolio "and operating headwinds from a deteriorating domestic mortgage market may make the deal more expensive by closing."
Sandler and other analysts are concerned that BoA might harm its venerated franchise by becoming No. 1 in a business niche ...
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...Corp. here bought Countrywide Financial Corp., the nation's largest mortgage...you?,'" Barbara Desoer, BoA's president of mortgage...and she rattled off a list of BoA's accomplishments since taking...days a week at Countrywide as BoA's chief technology and operations...
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...mortgage servicing portfolio. BoA president Liam McGee told Federal...homes," Mr. McGee said. The BoA president of global consumer...application to acquire Countrywide Financial Corp., which is based in Calabasas, Calif. He noted that BoA and Countrywide have staffed...
Source: HighBeam Research, BoA to Close Countrywide Purchase Deal in '08.