I think we can technically call this a bailout, don’t you think?

Countrywide Financial Corp. said Wednesday that Bank of America Corp. has made an investment of $2 billion in the company, a deal that comes as the nation’s largest mortgage lender tries to weather a credit crunch that’s rocked Wall Street and the mortgage industry.

The transaction was completed and funded Wednesday, Countrywide said.

Now that they have $2 billion in new money, Countrywide won’t be at risk of closing their doors, just yet anyway. Although their CEO is talking about using the money for future growth and success, I think he needs to focus on the “keep the company afloat and get through the crisis” first.

2 Responses to “Bank Of America Keeps Countrywide Afloat”