Comments on: Bank of America completes Countrywide purchase

By: Ann

Ann — Sat, 05 Jul 2008 20:14:36 +0000

Just a FIY it it comes to CW Option ARMS..many, upon many were quietly sold off before the acquistion…already know of three people whose CW option arms are now with other much less known lenders…

By: morganb

morganb — Wed, 02 Jul 2008 22:48:05 +0000

100% agree. I also think the liability on the representative
portfolios are off by at least that magnitude as well…

By: Mortgage Truth

Mortgage Truth — Wed, 02 Jul 2008 22:22:41 +0000

I think it's important to note that Wachovia paid $25 billion for Golden West, while BofA paid about $2.5 billion for Countrywide.

By: morganb

morganb — Wed, 02 Jul 2008 13:52:08 +0000

I think you're right Don. That deal smells of backroom guarantees a la
Bear Stearns…

By: Don

Don — Wed, 02 Jul 2008 13:38:37 +0000

Morgan, I was thinking the SAME THING!!! And it's just not Wachovia…has anyone seen WAMU's stock value lately? HELLLOOOOOOOO!!!!!!! They are also in the middle of Option Arm hell. If B of A hits the skids, see the Feds do a take over. I think a deal was cut behind the seens, either B of A or the Feds were going to take over CW. I think B of A stepped up with the blessing of the Feds.