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A knight in banking armor
Bank of America is coming to the rescue of struggling mortgage lender Countrywide Financial.
B of A just made a $2 billion investment in Countrywide, buying non-voting shares that can be converted to common stock. If those shares are converted, B of A would hold more than 15 percent of Countrywide's stock. In other words, Bank of America is now Countrywide's largest shareholder.
Posted on August 23, 2007 4:36 AM PT | Permalink
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