Bank of America Corp. thought it had a bargain four years
ago when it paid $2.5 billion for tottering mortgage lender Countrywide
Financial Corp. But the ill-fated decision has already cost the Charlotte,
N.C., lender more than $40 billion in real-estate losses, legal expenses and
settlements with state and federal agencies, people close to the bank told WSJ.
"It is the worst deal in the history of American
finance," said Tony Plath, a banking and finance professor at the
University of North Carolina at Charlotte. "Hands down."
The acquisition of Countrywide, which was completed almost
exactly four years ago, turned ...
Read more at http://online.wsj.com/article/SB10001424052702303561504577495332947870736.html?mod=WSJ_hpp_LEFTTopStoriesBank of America's $40 Billion Boo-Boo
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