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BofA Assumes Countrywide Debt

Stock quotes in this article: BAC , MER  

Bank of America (BAC Quote) is assuming the debt of Countrywide Financial, it said in a filing with the Securities and Exchange Commission on Monday.

As of Friday, Countrywide and its subsidiary Countrywide Home Loans transferred "substantially all" of their assets and operations to BofA. The Charlotte, N.C., bank also assumed roughly $16.6 billion of debt securities and guarantees, the filing said.

Earlier this year, BofA paid $4 billion for Countrywide, once the nation's largest independent mortgage lender, which got pummeled by the subprime mortgage meltdown. BofA completed its acquisition of Countrywide on July 1. ...

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