About the Author
Moe Bedard is a leading expert and trusted authority in regards to loan workouts and loan modifications. Moe is the founder and President of Loan Safe Solutions, LoanSafe.org and the main contributor to LoanWorkout.org. He has blogged on this subject more than any other person on earth and has personally been involved in over 300 loan workouts and mortgage audits.
Bank of America Is Firm on Countrywide Buyout
Investing in distressed assets, of course, can be extremely profitable. But Mr. Lewis’s shareholders have a right to be nervous about the deal, analysts say. As the nation’s largest home lender, Countrywide stands at the center of the mortgage storm and is being buffeted not only by woeful financial results but also by intense scrutiny from state and federal regulators. Bankruptcy judges have become vocal about what they consider dubious tactics taken by Countrywide against troubled borrowers.
“It’s a lot to ask Bank of America shareholders to stomach,” said Mike Larson, a real estate analyst at Weiss Research in Jupiter, Fla.
Countrywide is not only one of the biggest lenders in California and Florida, states that have been hit hard by the housing crisis, he said, it also has a large portfolio of home equity lines of credit and an especially risky type of adjustable-rate mortgage known as the option ARM. “It shows that the company is vulnerable to many geographies and loan types that are showing the worst performance,” Mr. Larson said. “It raises a real question about the logic of the deal or the deal at current terms.”
Read the rest of the New York Times story here
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sincitykim - FDIC is handling the workouts for Indymac. You might talk to someone there, they've reported helping over ... 
Me and my family are one of those middle class families who wishes to keep our home but have not ... 
Jul 5th, 2008 at 9:49 pm
Now that Mozillo is stepping down, & Bank of America is merging with CountryWide what does that mean to the borrowers still holding loans with CW & if they are in the process of Loan Modifications?
What about the Attorney Generals from all those different states who have files suit against CW & Mozillo?