Tallying the Costs of Bank of America's Countrywide Nightmare

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Tallying the Costs of Bank of America’s Countrywide Nightmare

Tallying the Costs of Bank of America’s Countrywide Nightmare

NYT-

If only there were mulligans on ill-advised Wall Street takeovers.

When Bank of America bought Countrywide Financial, the subprime lending specialist, it initially paid $4 billion.

Some analysts have pegged the true financial toll — including write-downs, legal expenses and settlements — at upward of $40 billion.

The costs threatened to widen further on Wednesday, when federal prosecutors in New York sued Bank of America over a mortgage program it inherited from Countywide. The Justice Department seeks to collect more than $1 billion in penalties over the program, known as “the hustle,” which prosecutors say churned out fraudulent loans at a rapid pace.

[NEW YORK TIMES]

image: blog.lormet.com

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