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Bank of America Pays $4B for Countrywide

RENEE MONTAGNE, host:

Our business news starts with home loan giant Countrywide saved from bankruptcy.

Bank of America has announced it's buying the struggling mortgage lender for $4 billion in stock. Countrywide is the country's biggest home loan company and it's been hammered by the housing crisis. Its stock is down more than 80 percent since last year.

This morning's deal saves Countrywide from a messy collapse that many feared would drag down the economy. The deal also makes Bank of America an even bigger mortgage lender than it already is. Transcript provided by NPR, Copyright NPR.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.