Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Chucky Schumer called Mozillo that?
All I can say is it takes one to know one. lol
Congress is supppsed to regulate business to protect the public but how does the public protect itself from Congress? lol
Term Limits !
Wasn't it just 2 weeks ago that Ole Moz was called the 'scum of the earth' by the US Senator from NY??
That was the first thing I thought of when reading today's paper.
Where was the SEC and Congress when the problem began?
Asleep as usual. lol
Seriously, Congress should be put in jail,,,,, anyway,,,
BAC very recently has said they are pleased with the cfc deal.
But I'm sure someone like Elliot Spitzer could easily find some dirt on his mom. lol
Does anyone think the Florida probe will be a problem for CFC?
"BofA's Countrywide buy could be a bad deal"
But,,,, maybe not the way some people may think....
"Hedge fund SRM Global says Bank of America undervalues mortgage lender Countrywide Financial in acquisition plan."
But what do these silly hedge fund guys know.
Always bet on Rawnoc ... George who ;)
Posted by: yafu
In reply to: Rawnoc who wrote msg# 72 Date:11/15/2007 4:17:42 PM
Post #of 624
Rawnoc or ole George. Who to bet on?
Now that is a real tuffie! lol
Soros buys stake in Countrywide
=========================
Boy George got his teeth kicked in, huh?
now real estate needs to botttom out... what a combo for the summer
hoping for 50 basis points!
watch orcl and aapl
mid morning wb :)
do you know what time the Federal Reserve will announce rate cuts?
Countrywide: From bad to worse
The troubled lender posted a $422 million loss and revealed that a third of its subprime loans are delinquent.
By Roddy Boyd, writer
January 29 2008: 3:23 PM EST
NEW YORK (Fortune) -- Countrywide on Tuesday reported a loss of $422 million in the fourth quarter and revealed that an astounding one-third of its investment portfolio's sub-prime mortgage loans are delinquent.
The loss threw cold water on Countrywide chief operating officer Steve Sambol's confident assurances to investors in October that, "We view the third quarter of 2007 as an earnings trough, and anticipate that the company will be profitable in the fourth quarter and in 2008." Seen in this light, Countrywide's fourth-quarter loss, compared to a $621 million profit a year ago, is what the numerous class action attorneys circling Countrywide (CFC) will surely call "an unfavorable fact." Countywide finished 2007 with a loss of $704 million.
The numbers didn't appear to faze Bank of America CEO Ken Lewis's determination to acquire Countrywide, however. In a conference Tuesday, Bloomberg quoted him as telling investors. "Everything is a 'go' to complete this transaction." Just over two weeks ago, BoA (BAC, Fortune 500) agreed to buy Calabasas, Calif.-based Countrywide in a $4 billion deal. If and when the deal goes through, the combined company will control just over 25 percent of the U.S. real estate loan origination market.
The market took the highly scripted BoA support as crucial and sent Countrywide stock up 20 cents to $6.15.
At the fulcrum of the mortgage credit crisis, Countrywide's earnings are seen as a bellwether for the once vibrant - and now largely collapsed - United States mortgage industry. The primary culprit remains a combination of old-fashioned credit deterioration plus an alarming new development: Borrowers simply are walking away from their homes as their equity value falls ever further below their loan amount.
With respect to credit problems, Countrywide is unmistakably going from bad to worse.
The home lending giant reserved $924 million for credit-related losses in the fourth quarter - over a dozen times more than what it set aside in the fourth quarter of last year. To be fair, the $924 million figure is a bit of an improvement from the third quarter's $937 million reserve.
Countrywide's eye-popping 33% delinquency rate on its sub-prime mortgage book also represents a decline from the third quarter, where "only" 29.6% of sub-prime paper was delinquent.
The figures obscure a central fact, however: Countrywide's portfolio of sub-prime loans consist of those that were not previously written down, or could not be sold or securitized. In other words, this portfolio is likely to get much, much worse.
Perhaps as worrisome was the credit deterioration on the conventional loan portfolios, where delinquency rates spiked to 5.76% percent from 4.41%. Along similar lines, Countrywide also said it shifted $7 billion of "prime non-agency" loans to the portfolio - out of the held-for-sale inventory - because it appears that there were no buyers likely to be found for this paper.
Adding to those woes is the emergence of a disturbing trend for mortgage lenders as some borrowers choose to simply walk away from their homes.
As home values drop to levels far below the mortgage amount, it simply becomes more economically advantageous for certain borrowers to hand over their keys. In a foreclosure, a mortgage lender often winds up booking losses that approach or even outstrip its loan amount when it sells the property into a distressed market.
http://money.cnn.com/2008/01/29/news/companies/boyd_countrywide.fortune/index.htm
rewind to 1996, Countrywide going subprime
COUNTRYWIDE MAY SOAR UP TO 50%, BUT BEWARE OF HIGH-FLYING AAMES
By JUNIUS ELLIS
November 1, 1996
(MONEY Magazine) – I should have paid closer attention when I saw TV pitchman Jim Palmer exhorting viewers to phone 1-800-LOAN-YES to latch on to one of Money Store's no-sweat home loans. As the ads ran over the past two years, shares in this Union, N.J. finance company (ticker symbol: MONE; OTC; 0.4% yield) soared from a low of $4 to today's $22, a 450% profit, in step with a 125% surge in new loans to about $5.2 billion. Two smaller, less ballyhooed finance companies also enjoyed major spurts in their loan production and share prices. And I missed them all.
If you did too, you have an extra incentive to check out my strategy for exploiting the innovation, called the subprime mortgage, that elevated these stocks to now unappealing altitudes. As I will amplify in a minute, subprimes are high-rate loans tailored to high-risk borrowers who can't qualify for conventional, grade-A mortgages. My sharp-pencil sources in the financial sector are buying Countrywide Credit (CCR; NYSE, $24; 1.3% yield) in Pasadena. This leading mortgage banker produces about $36 billion in annual loans, 6% of the $560 billion market for conventional home loans. The appeal? Countrywide has recently expanded into the immensely profitable $120 billion market for subprime mortgages and home-equity loans. If my sources' projections pan out, ccr shares could rise as much as 50% to $36 next year as superefficient Countrywide grabs more and more business from subprime pioneers, including Money Store.
Indeed, investors' concerns about growing competition and near-record consumer indebtedness have already knocked Money Store's share price down some 24% from its $29 peak in April. Still, today's $22 stock doesn't look to me like a great buy--or sell. Instead, I would sell (or short) the high-flying shares of $900 million Aames Financial (AAM; NYSE, $49; 0.4% yield), a Money Store wannabe based in Los Angeles, before investors realize how vulnerable AAM is to Countrywide's invasion. Here's what I've learned:
--Debt consolidation is still the rage. Consumers' slide down the credit-rating scale is greased by unemployment, divorce or illness. But many subprime borrowers still own houses and have taken out home-equity loans, whose 11% to 12% interest is tax deductible, to replace the much higher nondeductible rates on auto loans (21%) and credit-card balances (18% to 24%). Finance companies began flogging subprime first mortgages in 1993. Since then the market for all subprime loans has ballooned 50% to $120 billion a year and is projected to grow another 38% to $165 billion by '98. Already 65% of today's total is derived from new first mortgages. Most are made to homeowners who use them to consolidate other debts, including their old mortgage.
Fixed interest rates on 30-year subprime mortgages run 11% to 12%, as much as 50% above today's 8% average on a grade A, to compensate lenders for the greater risk of borrowers becoming deadbeats. But subprime borrowers benefit because their monthly payments are lower than the total for all the other, usually higher-rate, loans retired. Homeowners typically must have around 25% equity, vs. as little as 3% for a grade-A loan. And like conventional mortgages, subprime loans are sold to investors in the form of mortgage-backed securities, reducing lenders' credit risk.
--Subprime profit margins are sublime. Countrywide's latest quarter reveals why my sources are so smitten. Over the three months to Aug. 31, the company's 350 offices nationwide made $318 million in subprime loans, compared with a mere $59 million in the year-earlier period. True, the amount is a trifling 3.5% of the quarter's $9.2 billion in total new loans dominated by grade-A mortgages. But--get this--the $318 million generated an estimated 50% of Countrywide's $33.8 million pretax profit from all new loans. Why? Countrywide earned a razor-thin 0.2% pretax profit margin in the highly competitive market for grade-A mortgages. Last quarter's subprime lending, however, earned a juicy 5.35% margin, topping the 3.5% to 5% returns of most finance companies.
--Countrywide is gunning for No. 1. Chairman David Loeb is telling institutional shareholders that the firm is committed to becoming a leading subprime lender, cranking out $4 billion in annual production within three years. That would amount to blistering compound growth of 50% a year. Even if Loeb is being overly optimistic, his subprime push figures to give CCR's earnings a big boost that's not fully reflected in most Wall Street forecasts. Analysts' per-share estimates average $2.40 for the fiscal year that ends Feb. 28, a brisk 23% rise, and $2.70 for '98, another 13%. Some of my sources, in contrast, predict gains in the subprime sector will lift '98 profits above $3, a projected 25% jump. If their estimate is on target, Countrywide's $24 stock should command upwards of $36, or 50% more, in 12 months. And the stock would still be cheap at 12 times the next fiscal year's earnings, vs. 17 for the S&P 500 index.
Aames is destined to disappoint. Two years ago, stock in this Los Angeles finance company traded at just below $6, up a buck since coming public at $5 in late '91. Today, AAM fetches $49, down from $53 on Sept. 23, when the company announced it's selling 1.5 million new shares and issuing $150 million in debt. Still, the stock has had an amazing eightfold rise powered by a two-year, 465% spurt to $849 million subprime loans by 50 offices in 17 states. Earnings rose 242%.
What gives? Aames is riding the resurgence of California's once moribund $900 billion economy, which accounts for 34% of the firm's '96 loan production. But Countrywide is king in California, the source of 26% of its business. Until recently, Countrywide created customers for Aames as it turned down lots of Californians for grade-A mortgages. Many rejects promptly turned to subprime lenders like Aames. Now these homeowners can simply go subprime with Countrywide at competitive rates.
Aames' rising share of loans that are 30 or more days delinquent is also troubling. In fiscal '96, delinquent loans increased from 12% to nearly 16% of Aames' total. That's scary compared with Money Store's fairly steady 5.4% rate. (Countrywide's is only 3% overall.) Delinquencies historically peak in the third and fourth years of a loan. Most of Aames' are less than two years old. Are Aames execs concerned? I can tell you this: Over the past year, CEO Gary Judis has sold 900,000 shares, about 36% of his holdings. I'd follow his lead.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/11/01/204001/index.htm
Countrywide results in focus amid housing gloom
Fri Jan 25, 2008 10:24am EST
By Jonathan Stempel
NEW YORK, Jan 25 (Reuters) - Countrywide Financial Corp's fourth-quarter results, scheduled for release on Tuesday, will be closely scrutinized for what they show about the declining U.S. housing market, and what they mean for Bank of America Corp, which is buying the nation's largest mortgage lender.
Analysts view the $4 billion all-stock acquisition as a bold bet to save Countrywide (CFC) from mounting losses and write-downs as borrower defaults soared. Bank of America (BAC) Chief Executive Kenneth Lewis on Jan. 15 said his bank conducted "the mother of all due diligences" before the purchase.
It's rare that quarterly results of companies being acquired attract much attention. This one is different.
The purchase price valued Countrywide at $7.16 per share. While that's 84 percent below their peak last February, some analysts said it might still be too high.
They cite uncertainty about the duration and depth of the mortgage crisis, and the mushrooming lawsuits against the Calabasas, California-based lender and longtime Chief Executive Angelo Mozilo alleging aggressive, unfair or improper lending, or that they should be liable to stockholders who lost money as shares fell.
Since the merger was announced on Jan. 11, Countrywide shares have usually traded well below $7.16. That can be a sign that investors expect the merger to be renegotiated. Shares of companies being bought in all-stock transactions typically trade in lockstep with shares of their acquirers.
Analysts on average expect Countrywide to post a fourth-quarter loss of 10 cents per share, equal to roughly $58 million, Reuters Estimates said on Friday.
That would be better than the third-quarter loss of $1.2 billion, but well short of Mozilo's Oct. 26 forecast for profit of 25 cents to 75 cents per share.
Future results could benefit if the $150 billion federal economic stimulus package for the U.S. economy goes through. It includes a provision to increase for one year the size of home loans that Fannie Mae (FNM) and Freddie Mac (FRE) may buy. This could allow Countrywide, which now primarily makes such "conforming" loans, to offer larger loans to more borrowers.
In the merger agreement itself, Countrywide represented it didn't face major undisclosed litigation or liabilities.
Some attention has been focused on the agreement's "material adverse effect" or MAE clause, a common provision that can let a buyer back out or renegotiate if conditions worsen.
"The merger agreement generally appears highly conditional and contains several Countrywide representations that may increase uncertainty around closing," Lehman Brothers risk arbitrage analysts Evren Ergin, Amit Dholakia and Nathaniel Pollack wrote in a Jan. 18 report.
"The MAE carve-outs appear fairly weak and do not appear to include an explicit carve-out for industry effects, which we believe to be a significant omission," they continued. "However, the MAE definition does carve out the effects of 'general economic or market conditions' on other companies in the industries in which the parties operate."
Bank of America Chief Financial Officer Joe Price in a Jan 22 interview would not speculate on Countrywide's results. "We're envisioning they would be consistent with what we thought when we did our due diligence," he said. (Reporting by Jonathan Stempel; Editing by Dave Zimmerman)
http://www.reuters.com/article/fundsFundsNews/idUSN2531947220080125
I rest my case. LOL
http://app.quotemedia.com/quotetools/popups/story.jsp
I was researching a day or so ago...
It's an acquisition shell is all I know. It had a little run today nk:)
no. what is it?
Have you heard anything about CCWW???
more steady stock with boa
soon can discard your cfc for boa
what happens to the options?
Oh man. I just had a feeling this is what would happen. Next step - BofA will probaby lay off like 50% of the former Countrywide workforce and close down all of those idiotic storefront mortgage shops Countrywide put up in strip malls. I think that if BofA really slices and dices the Countrywide assets this could work out very well for BofA in the coming years.
Under the terms of the deal, shareholders of the Calabasas, Calif.-based Countrywide would receive 0.1822 of a share of Bank of America stock in exchange for each share of Countrywide. Based on where Bank of America's stock closed Thursday, the deal is valued at $4 billion, a 7.6 percent discount to Countrywide's closing price.
I'm glad I got out Wed
BofA buys CFC...options are all down today
Yes..They are in trouble..Double shot in my opinion..The credit cards and the auto loans to the credit deficient..lol
I'm looking at COF (Capitalone)
Totally agree..Did what I had to with this one yesterday..Now on to short Bank of America..lol
Continuing saga.... Imho staying away might be a good strategy.
Fwiw, I wouldn't go long on this one... I would imagine the
books will be a real piece of work. Lol GLTY
I'm moving to greener pastures nk:)
Bottom line..This whole financial situation is a mess/joke..These guys knew what they were doing..It was just a matter of time before it all caught up to them..They made their money now everyone else has to suffer for their greed
Whi knows the Fed is blessing the marriage lol
Showing a short intrest in Bank Of America of only 231.7K..How many millions do you think it will be come next report..lol
Now they get to feel the pain of the shorts..lol
Yes, all in BAC based on yesterday overvalued closing price of the stock. Noe we know why the CEO was dumping shares like there's no tomorrow at much higher prices recently.
Bank of America will have headaches from this for years to come..Perhaps BOA may be a good short for now..lol
Hearing $7.16 is about the price
CFC buyout official -- one catch -- the buyout price is at the lowest point in 8 years, lower than yesterday's close.
Obviously CFC would go belly up without the buyout or they wouldn't have agreed to it.
Bank of America Agrees to Purchase Countrywide Financial Corp.
Creates Largest U.S. Mortgage Lender and Servicer
CHARLOTTE, N.C., Jan. 11 /PRNewswire/ -- Bank of America Corporation today announced a definitive agreement to purchase Countrywide Financial Corp. in an all-stock transaction worth approximately $4 billion.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b)
The purchase will make Bank of America the nation's largest mortgage lender and loan servicer. This is an important advancement in the company's desire to help customers and clients meet all of their financial needs. A mortgage is one of the key foundations of many customer relationships.
Countrywide will benefit from the stability of being part of the largest and one of the most financially strong financial institutions in the United States.
Bank of America will benefit from Countrywide's broader mortgage capabilities, including its extensive retail, wholesale and correspondent distribution networks. The Calabasas, California-based company operates more than 1,000 field offices and has a sales force of nearly 15,000. Countrywide also has a leading mortgage technology platform, a well known brand in home lending and management expertise in a number of key areas.
Bank of America would gain greater scale in originating and servicing mortgages in the U.S. Countrywide had $408 billion in mortgage originations in 2007 and has a servicing portfolio of about $1.5 trillion with 9 million loans. The purchase also includes Countrywide's Lender Placed insurance and other businesses.
'Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price and to affirm our position as the nation's premier lender to consumers,' Bank of America Chairman and Chief Executive Officer Kenneth D. Lewis said. 'Countrywide customers will gain access to a broad set of consumer products including credit cards and deposit services. Home ownership is a fundamental pillar of the U.S. economy and over time it will be a key area of growth for Bank of America.'
'We are aware of the issues within the housing and mortgage industries,' Lewis continued. 'The transaction reflects those challenges. Mortgages will continue to be an important relationship product, and we now will have an opportunity to better serve our customers and to enhance future profitability.'
Countrywide's deep retail distribution will enhance Bank of America's network of more than 6,100 banking centers throughout the U.S. After closing, Bank of America plans to operate Countrywide separately under the Countrywide brand with integration occurring no sooner than 2009.
'We believe this is the right decision for our shareholders, customers and employees,' said Countrywide Chairman and Chief Executive Officer Angelo R. Mozilo. 'Bank of America is one of the largest financial institutions in the U.S. and internationally, and we are confident that the combination of Countrywide and Bank of America will create one of the most powerful mortgage franchises in the world. We have had a long and positive relationship with Bank of America and our servicing and origination businesses, as well as other aspects of our operations, will be substantially enhanced as a result of this transaction.'
Financial Terms
Under the terms of the agreement, shareholders of Countrywide would receive .1822 of a share of Bank of America stock in exchange for each share of Countrywide.
The purchase is expected to close in the third quarter and to be neutral to Bank of America earnings per share in 2008 and accretive in 2009, excluding merger and restructuring costs.
Bank of America expects $670 million in after-tax cost savings in the transaction, or 11 percent of the expense base of the two companies' mortgage operations. About one third of those savings would come in 2009, two thirds would be realized in 2010 and savings would be fully realized in 2011.
The agreement has been approved by Bank of America's board of directors and Countrywide's board of directors and is subject to approval by Countrywide's shareholders and customary regulatory approvals.
Subprime Initiatives
Origination of subprime loans is not planned for the combined company. Both companies share the goal of keeping distressed mortgage borrowers in their homes when possible. Both Bank of America and Countrywide continue to work with public officials and community groups to explore new initiatives to help homebuyers and communities affected by the subprime issue.
- Bank of America and Countrywide both support efforts to fight predatory
lending practices.
- Bank of America and Countrywide are active participants in the Hope Now
Alliance, which has launched a letter campaign to delinquent borrowers,
created a counseling hotline and facilitates the sharing of best
servicing practices. Bank of America also will continue Countrywide's
commitment to participate in the American Securitization Forum's
December 2007 reset freeze framework for 2/28 and 3/27 adjustable rate
mortgages (ARMs).
- Bank of America will continue Countrywide's commitment to participate
in California Governor Arnold Schwarzenegger's November 2007 subprime
ARM program.
Bank of America plans to expand the capacity and marketing of credit counseling programs and internal capacity and flexibility for loan modifications for loan workout teams following the purchase of Countrywide.
Countrywide also has a number of programs in place designed to minimize foreclosures where feasible.
- On October 23, 2007, Countrywide announced a major expansion of its
foreclosure prevention efforts by starting a $16 billion home
preservation program to assist as many as 82,000 subprime hybrid ARM
customers facing ARM resets through the end of 2008.
- On October 24, 2007, Countrywide entered into a groundbreaking
partnership with the Neighborhood Assistance Corporation of America
(NACA) to leverage Countrywide's market leading home retention programs
and NACA's unique model for counseling borrowers.
- On December 21, 2007, Countrywide announced work on an agreement with
the Association of Community Organizations for Reform Now (ACORN) to
serve as a blueprint for home retention and foreclosure prevention
initiatives in the mortgage industry, with a particular focus on
subprime borrowers.
Bank of America was advised by Banc of America Securities and the law firms of Cleary, Gottlieb, Steen & Hamilton LLP and K&L Gates in the transaction. Countrywide was advised by Sandler O'Neill & Partners LP and Goldman Sachs Group Inc. and the law firm of Wachtell Lipton Rosen & Katz. Countrywide's Board of Directors was advised by Sandler O'Neill & Partners LP. Both Goldman Sachs and Sandler O'Neill delivered fairness opinions to the Countrywide Board.
Note: Bank of America management will present transaction details in an 8:30 a.m. webcast today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations Web site at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 800.895.1241 and the conference ID: 79795.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 57 million consumer and small business relationships with more than 6,100 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 23 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
http://www.bankofamerica.com
Countrywide Financial
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services residential and commercial loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's website at http://www.countrywide.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company's businesses and economic conditions as a whole; 5) changes in the interest rate environment and market liquidity reduce interest margins, impact funding sources and effect the ability to originate and distribute financial products in the primary and secondary markets; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. Accordingly, readers are cautioned not to place undue reliance on forward- looking statements, which speak only as of the date on which they are made. Bank of America does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.
Additional Information About this Transaction
In connection with the proposed merger, Bank of America will file with the SEC a Registration Statement on Form S-4 that will include a proxy statement of Countrywide that also constitutes a prospectus of Bank of America. Countrywide will mail the proxy statement/prospectus to its stockholders. Bank of America and Countrywide urge investors and security holders to read the proxy statement/prospectus regarding the proposed merger when it becomes available because it will contain important information. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC's website (www.sec.gov). You may also obtain these documents, free of charge, from Bank of America's website (www.bankofamerica.com) under the tab 'About Bank of America' and then under the heading 'Investor Relations' and then under the item 'SEC Filings'. You may also obtain these documents, free of charge, from Countrywide's website (www.countrywide.com) under the tab 'investor relations' and then under the heading 'SEC & other filings.'
Proxy Solicitation
Bank of America, Countrywide and their respective directors, executive officers and certain other members of management and employees may be soliciting proxies from Countrywide stockholders in favor of the merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Countrywide stockholders in connection with the proposed merger will be set forth in the proxy statement/prospectus when it is filed with the SEC. You can find information about Bank of America's executive officers and directors in its definitive proxy statement filed with the SEC on March 19, 2007. You can find information about Countrywide's executive officers and directors in definitive proxy statement filed with the SEC on April 27, 2007. You can obtain free copies of these documents from Bank of America and Countrywide using the contact information above.
SOURCE Bank of America
Source: PR Newswire (January 11, 2008 - 7:01 AM EST)
News by QuoteMedia
www.quotemedia.com
NYT says BAC to buy CFC for 4 billion in stock
If the deal goes down as stated in this article and you bought Thursday on the rumors you are about to get screwed.
http://www.nytimes.com/2008/01/11/business/11bank.html?_r=1&oref=slogin
from the article
Countrywide Financial, the troubled lender that became a symbol of the excesses that led to the subprime mortgage crisis, is close to being acquired by Bank of America for slightly more than $4 billion in stock, people briefed on the transaction said Thursday.
Directors for both companies have approved the deal, which is expected to be announced Friday, these people said.
Shareholders, however, may be disappointed with the price, which is nearly $500 million less than Countrywide’s value on Thursday. Because it is an all-stock transaction, Countrywide investors will benefit if Bank of America stock rises, which it did yesterday.
I was able to nibble another 500 share at $5.07 my total is 1500 and thinking to get out at $8 to $8.30 and wait for the news.
No.....The negotiations are top secret... Lol
I waiting to see if this is for real or a ploy to stop the
bleeding and buy countrywide some time
....There was a "rumored" buy out once before...
Did BofA put more moeny intoi CFC?
Don't say that now..Let's go back to $5 and do it again!
leo: there's always tomorrow when we got to $8.00+, GLTY...
Followers
|
3
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
683
|
Created
|
08/06/07
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |