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Bank of America has agreed to purchase troubled mortgage lender Countrywide Financial in a transaction worth approximately US$4 billion ($4.5 billion).
The purchase will make Bank of America the largest mortgage lender and loan servicer in the United States.
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“Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price and to affirm our position as the nation’s premier lender to consumers,” said Bank of America Chairman and CEO Kenneth D. Lewis.
The bank plans to operate Countrywide separately, with the purchase expected to be finalised in the third quarter of 2008.
