Bank Agrees to Buy Troubled Loan Giant for $4 Billion
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Bank of America will pay in stock for Countrywide Financial, the lender that became a symbol of the excesses that led to the subprime mortgage crisis.
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The deal will significantly bolster Bank of Americaâs position in the mortgage market while rescuing Countrywide from the jaws of possible bankruptcy.
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Bank of America said Friday it would purchase embattled mortgage lender Countrywide Financial Corp. for $4 billion in an all-stock transaction.
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Bank of America Corp said on Friday it would buy mortgage lender Countrywide Financial Corp for $4 billion in a move that could avert one of the biggest collapses in the U.S. housing crisis.
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Stronger financial institutions are purchasing weaker ones. Case in point: Bank of America has announced it will purchase Countrywide Financial.
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Bank of America Corp, the second-largest U.S. bank, is in advanced talks to buy Countrywide Financial Corp, the largest U.S. mortgage lender, a person familiar with the matter said on Thursday.
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The Bank of England has offered an emergency loan to Northern Rock  after the mortgage lender became the biggest British casualty so far of the credit squeeze sparked by the crisis in U.S. subprime mortgage markets.
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Bank of America Corp said on Friday that it would buy battered mortgage lender Countrywide Financial Corp for $4 billion, a move that could avert one of the biggest collapses from the U.S. housing crisis.
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HSBC Holdings , Europe's biggest  bank, is acquiring The Chinese Bank Co. in Taiwan and will  provide it with additional capital of between $300 million and  $400 million, it said on Friday.
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Bank of New York Co.  said on Monday it would buy Mellon Financial Corp.  for $16.5 billion, combining two storied names in American finance to create a powerhouse in custody services for institutional investors and one of the biggest asset managers.
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Bank of America is to become the largest US private banking firm, with the acquisition of Charles Schwab's US Trust.
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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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Dutch bank ABN Amro, accused by a Vietnamese state-owned bank of conducting illegal foreign currency deals, has agreed to pay 4.5 million dollars to police, state media said.
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Cullen/Frost Bankers Inc.  on  Monday said it agreed to buy Summit Bancshares Inc.   for &#36;363.5 million of cash and stock in a merger of two Texas  banks.
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Bank of America Corp said on Friday it agreed to acquire Countrywide Financial Corp, the largest U.S. mortgage lender, in a $4 billion transaction that could help avert one of the biggest collapses in the U.S. housing crisis.
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The company said the move was part of its ongoing integration of FleetBoston Financial, which it bought last year. Bank of America, the largest retail bank in the US, said the cuts would not violate any job
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Bank of America Corp on Friday said it agreed to acquire struggling mortgage lender Countrywide Financial Corp for about $4 billion  (2.04 billion pounds) in stock, a move that could help avert one of the biggest collapses in the U.S. housing crisis.