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Bank of America may buy Countrywide

   January 11, 2008

The Sun-Sentinel reports that Bank of America may bailout Countrywide Financial.

A Bank of America-led buyout is “the one and only hope that [Countrywide] has” to avoid bankruptcy, according to Sean Egan, managing director of independent ratings firm Egan-Jones Ratings Co. Egan-Jones warned earlier this week that Countrywide could “falter” unless it receives an infusion of $4 billion in capital within the next two weeks.

Read Buyout talks reported for Countrywide

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