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.
In 2007, Countrywide underwent layoffs and experienced a stock price decline, resulting in its acquisition by Bank of America through a fire sale. The "claw-back" provisions in the program required grantees to return funds if jobs were not created.