Bank of America planning to buy Countrywide – the start of second leg of the financial meltdown
Peter Oberois
Aug. 24, 2007

The banking and mortgage crisis is deepening very fast. Bank of America’s (BoA) decision to contribute $2 Billion is significant. They plan to buy out the countrywide mortgage.

The euphoria and insanity in the financial sector never dampened. The fact that BoA could not resist eying a giant sinking in the ocean of troubles, signals a very dangerous trend for the financial services sector.

For now the trouble is contained. It is a temporary lull before the major storm appears. The sampler was nasty enough to force Fed lower the rates and infuse more than $200 billion in terms of liquidity.

When the real storm comes later this year, all these large banks will pressed hard like the mortgage bankers are pressed against the wall now.

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Bank of America planning to buy Countrywide – the start of second leg of the financial meltdown
Peter Oberois
The banking and mortgage crisis is deepening very fast. Bank of America’s (BoA) decision to contribute $2 Billion is significant. They plan to buy out the countrywide mortgage.
READ MORE>>

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