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CW is going to be part of BOA very soon

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moh malekpour

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Elite Member
Joined
May 25, 2002
Professional Status
Certified Residential Appraiser
State
California
http://www.bloomberg.com/apps/news?pid=20601087&sid=aHIVzGRThheo&refer=home
Bank of America Corp. affirmed plans to buy Countrywide Financial Corp., the mortgage lender that lost $422 million in the fourth quarter, and said it doesn't need to raise more capital after last week's preferred share offering collected almost $13 billion.

``Everything is a `go' to complete this transaction,'' Bank of America Chief Executive Officer Kenneth Lewis said at an investor conference today, referring to Countrywide. The Calabasas, California-based mortgage company rose as much as 8.6 percent today in New York Stock Exchange composite trading.
 
Joined
Oct 12, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
BOA is eating banks at an amazing pace. I used to get 50% or more of my work from Standard Federal, aka ABN AMRO aka LaSalle....who got bought by BOA...bad news for me!
 

David Wimpelberg

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Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
I'm no expert on acquisitions, so maybe someone could answer this. Why wouldn't BOA let CW go into bankruptcy and then purchaser them...I imagine it would be a whole lot cheaper.
 

Greg Bell

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Joined
Jul 7, 2006
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Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Because if they went Bankrupt other entities can get in and bid on the bodies.B of A has first right of refusal thanks to the 2 Billion it coughed up months ago.Also keeping CW out of bankruptcy keeps all of the positive assets intact and the court will not come in and chop it into itty bitty pieces..
 

Tim Hicks (Texas)

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Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
So what does this mean for Landsafe and all the Landsafe employees (some forum members and former members)? LSI is the AMC of choice for BoA.
 
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