BofA Bolsters Countrywide

CALABASAS, Calif. - Shares in ailing home lender Countrywide Financial Corp. surged more than 20% in after-hours trading after Bank of America announced a $2 billion equity investment in the firm. BofA acquired $2 billion in the form of non-voting, convertible preferred stock yielding 7.25% annually. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

Processing Content

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER
Load More