Countrywide Could Cost Bank of America $100 Billion

David A. Geracioti, editor in chief of Registered Rep magazine and RegisteredRep.com told CNBC Countrywide could cost Bank of America $100 billion - says loans they made were excrement:

Yet it also has one big, fat albatross on its balance sheets: Countrywide Financial. Bank of America acquired Countrywide for $4 billion, a deal that has proven a huge headache not just in dollars and cents, but in terms of the bank's reputation. "Basically all the mortgages that Countrywide produced from 2004 to 2007 were excrement," Geracioti says. "The question is: What are Bank of America's liabilities from Countrywide? Some say

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Tagged bank of america, countrywide total cost

Where’s Ken Lewis?

Back in 2008, Bank of America's CEO Ken Lewis made the fateful decision to buy Countrywide for $2.5 billion. And he thought he was making a savvy buy that would make Bank of America the nation's premier lender. Oh how that turned out. Could this be the worst purchase in all of financial history? Perhaps so. The purchase hasn't turned out so good for Bank of America, despite what Ken Lewis said about Countrywide in 2008:

“Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price

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Tagged bank of america, countrywide total cost, ken lewis