The Deal That Cost Bank of America $50 Billion – and Counting

Bank of America’s mortgage business has lost more than $50 billion since the Charlotte bank bought Countrywide Financial for $2.5 billion, according to an Observer tally, and more losses are coming in an expected Justice Department settlement.

After announcing the deal for the ailing subprime lender in January 2008, then-Bank of America chief executive Ken Lewis called it a rare chance to become No. 1 in home loans. Instead the bank’s shareholders have spent six-plus years paying for Countrywide’s slipshod lending practices.

via The deal that cost Bank of America $50 billion – and counting | CharlotteObserver.com.

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