Up for grabs
There are plenty of companies currently going cheap, as seen by Bank of America's $4 billion acquisition of Countrywide. Will this herald a new wave of M&A for the mortgage sector, as some predict? Sarfraz Thind reports
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 (BoA) 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
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