It is legitimate to debate whether Bank of America did its shareholders any favors by agreeing to purchase Countrywide Bank in January of 2008 to become the nation's largest mortgage lender. What cannot be debated is that B of A's purchase of Countrywide in the middle of a collapse in the housing market was very good for the nation.

At a time when others were frightened, B of A displayed courage. It could have waited until Countrywide's condition deteriorated further and then taken it over with billions of dollars of government aid.

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