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Opinion on Countrywide Financial Corp (CFC) Sector: Financial > Industry: Consumer Financial Services
Bank of America Buys Into Countrywide

Aug 23, 2007 05:27 AM GMT

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Via knighttrader.blogspot.com/:

Bank of America knows when it's time to buy.

The Charlotte, N.C.-based bank is making a $2 billion equity investment in the beleaguered Countrywide Financial (nyse: CFC - news - people ), the companies said Wednesday evening.

Bank of America (nyse: BAC - news - people ) will purchase $2 billion worth of preferred Countrywide stock yielding 7.3%, and that can be converted into common stock at $18 per share, giving the mortgage lender a much-needed cash infusion amid a crippling credit crunch.

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CFC: This call was made on 08/23/07 @ $24.3

Rating:	$24.3 (08/23/07)
Gain/Loss:	n/a in 834 days

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Opinion on Countrywide Financial Corp (CFC) Sector: Financial > Industry: Consumer Financial Services Bank of America Buys Into Countrywide

Opinion on Countrywide Financial Corp (CFC) Sector: Financial > Industry: Consumer Financial Services
Bank of America Buys Into Countrywide