Bank of America to buy Countrywide Financial

Bank of America Corp. said Friday it's purchasing Countrywide Financial Corp. for $4 billion, effectively doubling down on a previous investment in the troubled firm and catapulting the buyer into the top spot among mortgage lenders and loan servicers in the U.S.

The stock-swap deal will put an end to the independence of the troubled California lender headed by Angelo Mozilo, and represents an increase from the Charlotte, N.C., bank's August investment of about $2 billion.

"We believe this is the right decision for our shareholders, customers and employees," said Mozilo, chairman and chief executive of Calabasas, Calif.-based Countrywide , in a statement.

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- Posted: 2008-01-11 10:58:37

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