BofA is in the process of buying Countrywide. According to Reuters & Wall Street Journal, Bank of America is preparing for an outright purchase of Countrywide.
BofA has offered $4 billion in stock for the purchase. Shareholders of Countrywide will get 0.1822 of a share of BofA stock for every share owned in Countrywide. The purchase is expected to be completed by third quarter of this year.
If this purchase is successful Bank of America will become the biggest lender & servicer in the country.
