Posted by Becca_FL on 1/10/08 1:32pm
Msg #230001

This just in...BofA In Talks to Buy Countrywide

and are any of us surprised? Not me.

http://online.wsj.com/article/SB119999250189581559.html?mod=yahoo_hs&ru=yahoo

Bank of America Corp. is in advanced talks to acquire struggling Countrywide Financial Corp., according to people familiar with the situation.

It isn't clear how quickly a deal might be struck, but two people familiar with the matter said it could occur very soon. It also is possible that an agreement could be delayed or fall apart altogether.

Reply by Becca_FL on 1/10/08 1:39pm
Msg #230002

And this...

http://www.latimes.com/business/la-fi-countrywide10jan10,0,4364776,full.story?coll=la-headlines-business

Reply by Michael Edmonds on 1/10/08 1:47pm
Msg #230003

BOA has lost 70% of its investment back in August or September, I think they can pick up CW very cheap and try and recoupe the investment back.

CW stock was almost 50/share now its 5/share

Reply by Dennis Larson on 1/10/08 1:50pm
Msg #230004

Becca, I saw that too....you beat me to it. Now where oh where did I put the crystal ball that I used with my post back in October. #216130

Reply by Dennis Larson on 1/10/08 2:05pm
Msg #230009

CFC stock jumped 3 bucks since that news leaked.

http://www.newsday.com/business/nationworld/ats-ap_business11jan10,0,4190164.story

Joan Bergstrom should be happy.

Reply by Becca_FL on 1/10/08 2:12pm
Msg #230010

Yep, Dennis...been watching here all day

http://moneycentral.msn.com/detail/stock_quote?Symbol=cfc

Reply by Dennis Larson on 1/10/08 2:50pm
Msg #230028

Maybe its time to

dust off the old BAPRINT. Wonder if it still works, haven't used it in a while.
I do remember some great deal of difficulty getting it to install properly.
Seems the BAINSTALL put the program in some secret hiding place on
the puter.

Reply by MistarellaFL on 1/10/08 2:53pm
Msg #230029

Re: Maybe its time to

Sorry to say I have only done one for BOA in almost 5 years.
I don't forsee them using NSA's in my area.
Last year I lost much work when Wachovia bought out World Savings....
Wachovia is doing their own closings, unlike WS.
At least Wachovia refers me for the general notary stuff, BOA staff says they won't refer anyone locally.

Reply by Stamper_WI on 1/10/08 6:40pm
Msg #230068

Re: Maybe its time to

I have BA print as an Icon. I seem to remember that I had to save the docs to desktop and drag them over to baprint. Been a long time for me too!

Reply by Becca_FL on 1/10/08 6:59pm
Msg #230070

Countrywide closes @ 7.75 and BofA hopes to mitigate its

damages.

A sale may salvage Bank of America's $2 billion investment last August in Calabasas, California-based Countrywide. The Charlotte, North Carolina-based bank owns preferred shares paying a 7.25 percent dividend convertible at $18 into Countrywide common stock. The shares have since fallen to $7.75 in New York trading, valuing the company at $4.48 billion.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aCkxExY3Uuw4

Reply by Dennis Larson on 1/10/08 7:21pm
Msg #230074

Re: Countrywide closes @ 7.75 and BofA hopes to mitigate its

Becca, I really do hope this goes through. I really believe it would be best
for all concerned. From a financial standpoint though, there is only one thing
that bothers me. Would I do this? Why? Is BoA is putting good money after bad?

Reply by Philip Johnson on 1/10/08 8:06pm
Msg #230084

Why? Is BoA is putting good money after bad?

Huge customer base?

Reply by Dennis Larson on 1/10/08 8:12pm
Msg #230085

Re: Why? Is BoA is putting good money after bad?

Would you be willing to wait 5-10 years to recover?

" It's still unclear what price might be shelled out to complete a deal for Countrywide. Lewis' best bid to acquire the lender may be to arrange a deal in which it would shell out as little new capital as possible or arrange a takeover largely backed by BofA shares, said one bank official not connected with the deal.

But whatever the dollar amount, BofA is likely to bag the lender at a deep discount. In the process, it could pick up a mortgage platform that could prove invaluable over a five- to 10-year period. "

http://www.thestreet.com/_iwon/s/bofa-may-snap-up-countrywide/newsanalysis/banking/10398119_3.html