Bank of America Plans to Proceed With Countrywide Bid |
| Bloomberg - Mar 10, 2008 |
Bank of America Corp., the largest U.S. bank by market value, plans to press ahead with its $4 billion takeover of Countrywide Financial Corp., the mortgage lender under FBI investigation for possible securities fraud.
The Federal Bureau of Investigation, based in Washington, is scrutinizing whether Countrywide officials misrepresented the company's financial position and the quality of its mortgage loans in regulatory filings, said a person with knowledge of the probe on March 8. Bank of America spokesman Scott Silvestri said the acquisition of Calabasas, California-based Countrywide remains on track.
``Nothing I've seen suggests that Bank of America is backing off,'' says Tom Atteberry, a partner at Los Angeles- based First Pacific Advisors LLC, which oversees $2 billion. ``It's in everyone's best interest that Countrywide avoid bankruptcy and it's hard to believe that there isn't some kind of agreement to help Bank of America avoid some of these legal problems.''
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- Posted: 2008-03-10 09:56:47
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