Bank of America to buy Countrywide
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Bank of America Corp on Friday said it agreed to acquire struggling mortgage lender Countrywide Financial Corp for about $4 billion  (2.04 billion pounds) in stock, a move that could help avert one of the biggest collapses in the U.S. housing crisis.
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The deal rescues Countrywide, Americaâs largest mortgage lender and expands the financial services empire of Bank of America, the nationâs largest consumer bank.
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Bank of America Corp  is in advanced talks to buy struggling Countrywide Financial Corp , the largest U.S. mortgage lender, several people familiar with the matter said on Thursday.
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Bank of America agrees to buy the troubled mortgage lender for ''bargain-basement'' price of around $4 billion.
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Countrywide Financial Corp   posted a $1.2 billion third-quarter loss on Friday, but its  shares soared after the largest U.S. mortgage lender said it  expects to be profitable in the fourth quarter and in 2008, and  has weathered the worst of the housing downturn.
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Bank of America Corp.'s $3.3 billion acquisition of U.S. Trust Corp. is a significant addition to the firm's Boston-based Global Wealth &amp; Investment Management unit, but don't expect the deal to yield new jobs here anytime soon.
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , posted a $421.9 million fourth-quarter loss on Tuesday, hurt by mounting defaults in a sinking housing market.
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Bank of America Corp.  said on Monday it completed its $3.3 billion purchase of the U.S. Trust business from Charles Schwab Corp. , and is defying analyst concern that it would have trouble retaining many of U.S. Trust's ultra-wealthy clients.
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Montgomery, Ala.-based Colonial BancGroup (NYSE: CNB) said it has agreed to buy Sunrise-based Union Bank of Florida for a total of about $233 million.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Thursday that it had lined up $12 billion of secured financing to help cope with a housing slowdown that has reduced loan demand and will lead to widespread layoffs.
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BBVA  took a fresh step toward  its long-held ambition to grow in the United States on Friday  when it said it had agreed to buy U.S. bank Compass Bancshares  Inc  for $9.6 billion.
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Bank of America Corp.  on Monday said it will buy Charles Schwab Corp.'s  U.S. Trust Corp. unit for $3.3 billion to expand in the lucrative business of managing money for the rich.
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Shares in US mortgage giant Countrywide soar on reports that it is in talks to be acquired by Bank of America.
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Bank of America Corp said on Friday it would buy mortgage lender Countrywide Financial Corp for $4 billion in a move that could avert one of the biggest collapses in the U.S. housing crisis.
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The deal will significantly bolster Bank of Americaâs position in the mortgage market while rescuing Countrywide from the jaws of possible bankruptcy.
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NEW YORK, Jan. 10 -- Countrywide Financial shares more than doubled Thursday after reports that Bank of America was in discussions to buy the nation's largest mortgage lender.
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Countrywide Financial Corp  is  working to structure another strategic investment similar to  the deal Bank of America Corp  struck last month, the  New York Post reported in its online edition on Tuesday.