In business news, shareholders at the mortgage lender Countrywide Financial have approved a takeover offer from Bank of America. Countrywide has been at the center of the subprime loan crisis. It’s currently under investigation for giving misleading information on its financial condition in the company’s security filings. The $3 billion deal comes at just one-tenth of Countrywide’s share price last year. Analysts say American taxpayers could ultimately end up footing the bill if Bank of America uses tax breaks to pay for the purchase.
Countrywide Shareholders Approve Bank of America Deal
HeadlineJun 26, 2008