Bank of America Receives The OK To Buy Countrywide

It is done! The Federal Reserve has given the OK for Bank of America to buy subprime poster child Countrywide Financial Corp.. Bank of America CEO, Ken Lewis, says that even though the mortgage market has deteriorated significantly since the bank offered to buy the mortgage lender, buying Countrywide is still a good deal because the housing market is going to improve “by early next year.”

BOA Receives OK To Purchase Countrywide [NBC5]
(Photo: meghannmarco )