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BAC confirms plans to go forward with CFC purchase

The deal values CFC shares around $7 or $4 billion.  A premium to the 6.35 the shares are currently trading at.    Country Wide is king of the mortgage refinancing business, and I believe could get higher bidders with rate cuts opening up the mortgage refinancing business as the economy stabilizes.  The deal is scheduled to close in the third quarter of this year.   CFC should have solid earnings in my opinion going forward.  Trade could take a while to unfold.  Solid 6 month investment.

http://biz.yahoo.com/ap/080129/bank_of_america_countrywide.html

Entertainment purposes only

January 29, 2008 - Posted by | Uncategorized

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