Federal Reserve OKs BofA's Countrywide Buyout

Law360 (June 6, 2008, 12:00 AM EDT) -- The Federal Reserve approved Bank of America Corp.'s proposed $4.1 billion purchase of troubled Countrywide Financial Corp. on Thursday, eliminating another hurdle on the way to the altar.

Bank of America said Thursday that it expected the deal to close in the third quarter. “This transaction represents a rare opportunity for Bank of America to significantly gain market share in the mortgage business, allowing it to expand in a cornerstone financial product,” said Kenneth D. Lewis, chairman and CEO of Bank of America.

The Federal Reserve...
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