Bank of America in talks to buy Countrywide
Bank of America is in talks to buy top US mortgage lender Countrywide Financial Corp, whose shares have tumbled in the wake of the subprime home-loan meltdown, a newspaper reported Thursday.
Bank of America, the second-largest US commercial bank, has been seen as a potential buyer since taking a stake in Countrywide last August to bolster the troubled lender, said the Wall Street Journal report, which quoted two unnamed sources.
Countrywide's stock has tumbled in recent days as investors worry that a continuing wave of home foreclosures, a slumping real-estate market and a slowing economy will further hurt the US mortgage industry. ( Dpa )