Bank of America's Problem
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Bank of America's Problem


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Short excerpt:

Bank of America (BAC) acquired Countrywide Financial Corp (Countrywide) in 2008 and effectively leapt from the sixth position in the US mortgage market to the number one spot. With the acquisition, BAC acquired Countrywides mortgages and a 25 combined share of the mortgage market. However, problems in relation to fraudulent mortgages originated by Countrywide soon surfaced and BAC found itself entangled in legal battles with investors who were suing the bank in a bid to recover their assets from Countrywide. The bank spent billions of dollars in a bid to solve the issues Countrywide was involved in but almost four years later, the problems still persist and BAC has not been as profitable as it was before it acquired Countrywide. The reason has remained controversial about the failure of

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