Money and Markets in the News
Money and Markets experts and analysts cover a broad range of financial topics and are frequently quoted and interviewed in the press.
06-08-08
Analysts worry about Countrywide deal
NEW YORK, June 8 (UPI) ? Business analysts say Bank of America’s move to acquire debt-laden Countrywide Financial is fraught with land mines and peril for the bank’s shareholders.
Countrywide, the nation’s largest home lender, has been accused by bankruptcy judges of using dubious tactics to issue mortgages to unqualified borrowers, and has been at the center of the nation’s still-unfolding mortgage crisis. But, The New York Times reported Sunday, Bank of America officials are still determined to go ahead with the $4 billion acquisition.
That has brought warnings from financial analysts, who told the newspaper they doubt Bank of America’s ability to absorb and deal with all of Countrywide’s debt problems.
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