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BofA deal may not rescue lender

NEW YORK , Countrywide’s acquisition by Bank of America Corp. was supposed to help keep the troubled mortgage lender from collapse. Things might not turn out exactly as planned. The people who did the deal hoped that a strong bank would rescue a weak one. But the deal’s structure may have only delayed the inevitable , Countrywide still could face bankruptcy or a federal takeover potentially involving taxpayer dollars. “This deal is so rancid and unpredictable,” said Christopher Whalen, managing director at the consulting firm Institutional Risk Analytics. “Bank of America’s executives can’t even articulate what the total liabilities from this deal are.” For the full story visit www.venturacountystar.com/news/2008/aug/20/bofa-deal-may-not-rescue-lender/

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