SocraticGadfly: More bad news for Countrywide

March 09, 2008

More bad news for Countrywide

The FBI is giving the mortgage lender a look-see. That’s on top of Securities and Exchange Commission investigations, multiple state investigations and several lawsuits.

Boy, if I’m Bank of America, I have to seriously be questioning my $4B paying price to take over this turkey. I wonder if BofA folks (who don’t have the lightest mortgage lending sheets in the world themselves) are looking at ways to back out, or at least renegotiate the price.

As I said when BofA made the deal, I thought they were irrationally chasing after stranded money they already had invested in Countrywide.

No comments: