Bank of America Buys Countrywide

Bank of America reported Friday that it would buy Countrywide for $4 Billion. This new company would become that largest mortgage company in the US, with almost 25% of all loan under its umbrella, surpassing Wells Fargo. The merger is welcome news for industry watchers as many were worried about the liquidity of Countrywide (who by itself originate about 1 in 6 loans in 2007).

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