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bank of america buys countrywide

IndyMac Begins Dismantling Business As It Struggles to Keep Investors’ Faith

by Moe Bedard

First, Countrywide Financial Corp. went down, as the nation’s biggest mortgage lender was acquired in a rescue operation July 1 by Bank of America Corp. Now Countrywide’s offspring, IndyMac Bancorp Inc., is on the ropes.

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Bank of America Is Firm on Countrywide Buyout

by Moe Bedard

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 [...]

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