Bank Of America-Countrywide Merger Cost BofA $40 Billion.
A huge mistake is weighing on Bank of America.
The bank’s acquisition of mortgage lender Countrywide in 2008 has cost BofA more than $40 billion, the Wall Street Journalreports. The merger turned BofA into a big player in the mortgage market right before the housing bubble burst and since the bank has suffered massive real estate losses and paid out huge sums in legal fees and settlements with state and federal agencies.
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