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Tuesday, Nov 28, 2023

BofA exec: Countrywide deal on track

Bank of America Corp. Chief Executive Kenneth Lewis said Wednesday that there are no plans to call off its $4 billion deal to acquire Countrywide Financial Corp., and that he believes charge-offs and delinquencies in the U.S. will peak in the third quarter. Lewis pointed out that BofA will control a 20 percent to 25 percent market share in the home-loan market once the Countrywide deal is completed, and that will boost business once the housing crisis comes to an end. He believes there is still “a ways to go” before the credit crisis is over, but that the nationwide bank’s business mix will help fuel earnings going forward. “I knew there would be adverse publicity” to the Countrywide deal, Lewis said. “But, nothing has happened in some form or fashion that would make us call off the deal.” For the full story visit http://www.dailynews.com/ci_9556021

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