In the fall of 2007, while slashing jobs and with its stock price plummeting, Countrywide was eventually acquired in a fire sale  by Bank of America. But thanks to the "claw-back" provisions in the program, grantees return all funds to the state for jobs not created.
During the fall of 2007, Countrywide faced financial difficulties, including job cuts and a declining stock price. This led to its acquisition by Bank of America through a fire sale.  The "claw-back" provisions in the program meant that if jobs weren't created, the funds received would be returned to the state.