Big Financial News!

Bank of America will be buying Countrywide for 4 billion dollars in stock!   The sale is supposed to close in the 3rd quarter of 2008. This will help to rescue the biggest mortgage lender in our country. I believe this is going to help the housing market in the long run.

If Countrywide was to fail, it would be a huge blow to Fannie Mae and Freddie Mac, which are government sponsored mortgage companies.   These two companies are major purchasers of Countrywide’s loans.

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