Monday, February 4, 2008

BANK OF AMERICA TO BUY OUT COUNTRYWIDE FINANCIAL CORP.

Congressional groups in four states have asked congressional committies to conduct hearings. Bank of America corp has a proposal on the table for $4.1 million dollars. Countrywide is located in Calabasas, California.

The consumer groups have asked for an investigation into the impact of this transaction. They also want to know if the borrowers will be able to renegotiate their adjustable rate looans in order to keep their homes.

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