Bank of America to buy Countrywide for $4 billion
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Bank of America Corp said on Friday it agreed to acquire battered mortgage lender Countrywide Financial Corp in a $4 billion transaction that could help avert one of the biggest collapses from the U.S. housing crisis.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Thursday it has lined up $12 billion of financing to help weather a housing slowdown that will lead to widespread layoffs.
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Guess who's helping Bank of America pay for its $4.1 billion purchase of Countrywide Financial? Answer: The taxpayers of the United States.
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Bank of America Corp.'s $3.3 billion acquisition of U.S. Trust Corp. is a significant addition to the firm's Boston-based Global Wealth &amp; Investment Management unit, but don't expect the deal to yield new jobs here anytime soon.
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Estate agency firm Countrywide accepts a Â£940.7m takeover bid led by private equity firm 3i.
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The buyout firm Apollo Management said it might offer nearly $2 billion in cash and stock for Countrywide, the largest chain of real estate brokers in Britain. Apollo said it planned to offer 505 pence ($9.86) in cash for each Countrywide share, plus shares in Rightmove, a company in which Countrywide holds a stake. The offer values Countrywide shares at about 590 pence ($11.52) each, or a total of about Â£1 billion ($1.95 billion). Countrywide shareholders have rejected a Â£1.02 billion takeover bid from the 3i Group, a private equity firm.
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Countrywide Financial Corp , the largest U.S. mortgage lender, on Tuesday offered to refinance or restructure up to $16 billion of adjustable-rate mortgages through the end of 2008.
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Similar deals are expected to follow Bank of America Corp's  agreement on Friday to acquire battered mortgage lender Countrywide Financial Corp  for a knock-down price of $4 billion in stock.
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Bank of America Corp  on Friday won approval from the U.S. Federal Reserve for its $21 billion acquisition of LaSalle Bank Corp from Dutch bank ABN AMRO Holding NV .
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Stocks rose on Thursday after a Wall Street Journal report that Bank of America  is in talks to buy mortgage lender Countrywide Financial Corp  sent financial stocks higher.
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Countrywide Financial Corp   shares on Thursday fell below the $18 price at which Bank of  America Corp  may convert its $2 billion investment into  common stock.
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Kenneth D. Lewis has gambled on bold acquisitions to build Bank of America into the nationâs largest bank, but  few of his bets match the acquisition of Countrywide Financial Corporation.
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Countrywide, the troubled lender that came to symbolize many of the excesses of the subprime mortgage crisis, is negotiating a sale to Bank of America.
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British estate agency firm Countrywide  is in talks to be acquired by U.S. buyout group Apollo Management, a source familiar with the situation said on Sunday.
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Bank of America Corp said on Friday it would buy battered mortgage lender Countrywide Financial Corp for $4 billion, a move that could avert one of the biggest collapses in the U.S. housing crisis.
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Bank of America Corp.  said on Monday it completed its $3.3 billion purchase of the U.S. Trust business from Charles Schwab Corp. , and is defying analyst concern that it would have trouble retaining many of U.S. Trust's ultra-wealthy clients.
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The deal rescues Countrywide, Americaâs largest mortgage lender and expands the financial services empire of Bank of America, the nationâs largest consumer bank.