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From MarketWatch:
Bank of America Corp. is in advanced talks to buy Countrywide Financial Corp. The Wall Street Journal reported Thursday on its Web site, citing people familiar with the situation. The newspaper said it is not clear how quickly a deal might be struck but if it happens, it is likely to close very soon. However, it also noted that talks could fall apart altogether. Shares of Countrywide Financial surged 7.42% to $5.50 a share.
Stay tuned…
Update 1:15 PM PST:
From MarketWatch:
Bank of America is in advanced talks to acquire Countrywide Financial, possibly stepping in to save the struggling mortgage lender, the Wall Street Journal reported on Thursday, citing unidentified people familiar with the matter.
It isn’t clear how quickly a deal might be struck, but two people familiar with the matter said it could occur very soon, the newspaper said. It’s also possible that an agreement could be delayed or fall apart altogether, it added.
The New York Stock Exchange asked Countrywide to comment publicly on Thursday, but the company declined.
Wowza. Talk about the Python swallowing the Pig.
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