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Bank of America's (BAC Quote) $4 billion deal for troubled mortgage lender Countrywide Financial(JPM Quote) has not gone unnoticed by JPMorgan Chase(JPM Quote).
BofA's rescue of Countrywide, which pairs the second-largest U.S. bank with the top mortgage lender in the nation, may create a mortgage powerhouse if BofA can endure the pain inherent in Countrywide's subprime-damaged balance sheet.
The deal sees Charlotte, N.C.-based BofA acquiring Countrywide for about $7.16 a share in stock -- an offer that translates to 7.6% below Countrywide's closing price in Thursday trading. ...
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