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The ongoing credit crunch was coming to a head Friday as former giants of the financial-services industry, now battered into submission, were forced into taking the sellout route.
The pulped Countrywide (CFC Quote), for instance, will indeed sell itself to Bank of America (BAC Quote). As disclosed this morning, BofA agreed to pay around $4 billion for the nation's biggest mortgage lender, or 0.1822 BofA shares for each Countrywide share.
Back in August, BofA helped buoy the firm a bit by buying nonvoting convertible preferred Countrywide stock worth $2 billion.
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