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For everyone that has deposits at Countrywide, Bank of America may be stepping in to take over the company according to the WSJ. Bank of America has already invested 2 billion in the company and may see this as a way of protecting its investment and grabbing a huge piece of the mortgage market, which it has wanted.

Of course, even if this doesn't happen depositors are protected up to 100K by the FDIC if Countrywide goes under. The bank is offering attractive rates if you can stomach the risk. Stay tuned for more.

 

Submitted: Jan 11, 2008    Views: 306    Comments: 0    Likes: 1   


View Article: http://www.marketwatch.com/news/story/bank-america-reportedly-advan...


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