Countrywide Bankruptcy: Bank of America’s Maze Of Options

Did you know that Bank of America kept the Countrywide name after its bargain purchase in 2008, and that “it would consider putting the unit into bankruptcy if litigation losses threaten to cripple the parent”? Here’s the alphabet soup of entities BofA is juggling: The transaction was completed July 1, 2008 with Countrywide Financial Corporation

Bank of America’s ‘Stated-Income’ Book Value

Today Henry Blodget examines why Bank of America is getting hammered. Most telling is this statement: Bank of America has about $222 billion of “book value”–the amount that’s supposedly left over when you subtract Bank of America’s stated liabilities from its stated assets. Countrywide, which was taken over by Bank of America, was the 800