Bank of America is buying the beleaguered mortgage giant, Countrywide. CEO, Ken Lewis said, the combined company won't make subprime loans and is restricting its purchases of large packages of loans from other lenders. He said he "didn't like the 'cocaine' of large bulk purchases [of mortgage loans]."
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Friday, January 11, 2008
No Subprime 'Cocaine' for new Bank of America Mortgage Co.
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