It doesn't surprise me at all. The Wall Street Journal has reported that Countrywide is being investigated by the FBI for fraudulent lending practices. I think maybe they will find that Angelo Mozilo created an entirely new class of fraudulent lending practices just so he could cash out his stock options.
They are also saying that BofA is trying to accelerate their purchase of Countrywide. Probably trying to save the $2Billion they invested in the company last summer. If BofA pulls out of the deal, Countrywide would go under in a day. I think they need to just cut their losses.
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