Analyst says Bank of America should scrap Countrywide deal
Countrywide Financial finds itself in a situation similar to the one faced by many of its customers: The mortgage giant owes more money than its financial house is worth, which could ice a pending merger with Bank of America. 2 months ago
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Why would BofA wish to purchase a company that owes more than it is worth? Is this some type of long-term investment? I agree with the author that BofA is likely to renegotiate the purchase price of Countrywide. If not, I can't see BofA shareholders being thrilled.