Bank of America to purchase Countrywide

How about this for an interesting headline: “Nation’s biggest bank buys nation’s biggest mortgage mess.”

That’s just what happened today, when Bank of America pledged $4 billion to bail out Countrywide Financial Corp, the beleaguered mortgage operation that’s been the poster child of the subprime crisis. From the CNNMoney.com article:

The firms said they do not plan to remain in subprime lending – the business of giving home loans to borrowers with weak credit – and said they would continue to work to keep troubled borrowers in their homes.

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