Bank of America is set to acquire Countrywide. More details to follow.
Mozilo stands to make $115 million from the deal.
Does Countrywide have a choice? What is in for the employees of Countrywide? Many have lost their jobs over the last year as the mortgage crises continues.
Seeing the stock price of Countrywide tumble to under $8 having gone as high as almost $43 last year. Over 80% off the high.
We will see how things develop in this move. I have a Bank of America mortgage and have had no problems. I previously had a CountryWide mortgage and was not happy with the way I was treated. In addition to the class action lawsuit that is ongoing Countrywide is facing some challenges.