Mortgage mergers

This is a good time to acquire a mortgage company. The subprime crisis has left a swathe of casualties in its wake, with mortgage banks on offer at knockdown valuations, and sellers desperately looking for buyers to extricate them from their woes.

Embattled mortgage lender Countrywide Financial became the first big casualty this year, as Bank of America snapped it up for $4 billion in January. BoA has long made clear its desire to have a larger presence in the US mortgage banking sector. Countryw

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