Bank Of America To Invest $2 Billion In Countrywide: Wsj

Bank of America Corp. is making a $2 billion equity investment in Countrywide Financial Corp. (CFC:
Countrywide Financial Corp
the Wall Street Journal reported on its Web site late Wednesday, citing people familiar with the situation. BofA will buy $2 billion worth of the mortgage company's preferred stock yielding 7.25%, which can be converted into common stock at $18 per share, the Journal reported. End of Story

 

I think this is helping the futures SURGE After hours.

 

Wow up 4 in AH

Congratulations to those who had the balls to buy this in the teens.

 

last week this company looked like it was headed for single digits, a week later everything is find at CFC and its back to 35+ a share....

 

i'm PRAYING they fill the gap back at around 35, i'll add 5k short

 

Crap, I shorted a couple of days ago for a trade. It looks like my account will get hit tommorow.

 

nice chart on cfc REO's lol

 

Robert Marcin said it best.

"A desperate company does a desperate deal with a serial acquirer"

 

“In terms of being unresponsive to what was happening, to sticking it out the longest, and continuing to justify the garbage they were selling, Countrywide was the worst lender,” said Ira Rheingold, executive director of the National Association of Consumer Advocates. “And anytime states tried to pass responsible lending laws, Countrywide was fighting it tooth and nail.”

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http://www.nytimes.com/2007/08/26/business/yourmoney/26country.html?pagewanted=1&_r=1&hp