Bank May Buy Troubled Giant in Home Loans
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Countrywide Financial, the troubled lender that became a symbol of the excesses that led to the subprime mortgage crisis, is negotiating a sale to Bank of America.
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Contrarian investors who think now is the time to start buying beaten-down banking stocks could be in for a shock if they don't carefully review those companies' distressed home-equity loan portfolios.
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The chairman of the Senate Banking Committee is working on a plan to set up a company to buy distressed home loans at currently discounted values and use the money to help fund new mortgages.
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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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TORONTO - TD Bank confirmed Wednesday it is negotiating a possible deal that could see it buy a stake in Banknorth Group Inc. of Maine.
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TD Bank Financial Group is discussing "a possible transaction" with the Northeast regional banking company Banknorth Group Inc., the companies confirmed Wednesday amid reports that the Canadian bank was seeking ...
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NEW YORK, Jan. 10 -- Countrywide Financial shares more than doubled Thursday after reports that Bank of America was in discussions to buy the nation's largest mortgage lender.
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The recent woes of Citigroup  have encouraged some investment bankers to talk up the chances that the biggest U.S. bank might feel pressure to buy a major U.S. rival, with Wells Fargo & Co.  and even Goldman Sachs Group  touted as potential merger partners.
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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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Commonwealth Bank of Australia (CBA) said yesterday it was in talks with the Jinan City Commercial Bank (JNCCB) about buying a stake in the regional lender.
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The deal will bolster Bank of Americaâs position in the mortgage market while rescuing Countrywide from possible bankruptcy.
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The chairman of the Senate Banking Committee is working on a plan to set up a company to buy distressed home loans at currently discounted values and help fund new mortgages.
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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 Bank of England has offered an emergency loan to Northern Rock after the mortgage lender became the biggest British casualty of the credit squeeze sparked by the crisis in the U.S. subprime mortgage market.
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Canada&#39;s TD Bank Financial Group says it&#39;s discussing a &quot;possible transaction&quot; with Portland, Maine-based Banknorth Group.
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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 a credit squeeze.