countrywide was bought by bank of america on july 1, 2008.
countrywide was bought by bank of america on july 1, 2008.
when was countrywide bought by bank of america?
july 1 , 2008
on january 11, 2008, bank of america announced that it planned to purchase countrywide financial for $4.1 billion in stock. on june 5, 2008, bank of america corporation announced it had received approval from the board of governors of the federal reserve system to purchase countrywide financial corporation. then, on june 25, 2008, countrywide announced it had received the approval of 69% of its shareholders to the planned merger with bank of america. on july 1, 2008, bank of america corporation completed its purchase of countrywide financial corporation.
bank of america home loans
on january 11, 2008, bank of america announced that it would buy countrywide financial for $4.1 billion. in march 2008, it was reported that the federal bureau of investigation (fbi) was investigating countrywide for possible fraud relating to home loans and mortgages. this news did not hinder the acquisition, which was completed in july 2008, giving the bank a substantial market share of the mortgage business, and access to countrywide's resources for servicing mortgages. the acquisition was seen as preventing a potential bankruptcy for countrywide. countrywide, however, denied that it was close to bankruptcy. countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of december 31, 2007.
bank of america