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Bank of America becomes Captain America to the Rescue - makes $2B investment in Countrywide
By robertearl | August 23, 2007
Countrywide Financial Corp. got another shot in the arm yesterday when the 2nd largest bank in the United States - Bank of America made a $2 billion investment into the largest U.S. mortgage lender.
Bank of America - “The Bank of Opportunity” said it bought non-voting preferred stock that yields 7.25 percent and can be converted into Countrywide common stock at $18 per share, 17.5 percent below the shares’ Wednesday closing price.
For a matter of perspective on the market. Of the 12,000+ homes, condos & townhouses for sale in Northern Virginia, 343 were listed as being bank owned or foreclosure properties.
Topics: Northern Virginia Real Estate |