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The endgame in Bank of America's (BAC, news, msgs) $4 billion takeover of Countrywide Financial (CFC, news, msgs) began with a December phone call from Countrywide Chief Executive Angelo Mozilo to his Bank of America counterpart, Kenneth D. Lewis.
After more than six months of financial deterioration at Countrywide -- despite a $2 billion infusion of cash from Bank of America in August -- Mozilo said he was ready to throw in the towel, according to Lewis.
Originally posted by marg6043
Now Bank of America a financial institution that the reason it wasn't hit with the mortgage write outs is because they were not heavily into mortgages