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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
Return Risk
-19.25% HIGH
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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:   Negative   $24.3 (08/23/07)
Gain/Loss:   n/a in 836 days


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