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Questions about Countrywide-Bank of America deal

By Gary Jacobson

February 17, 2008 at 2:09pm

Countrywide Financial reported Friday that its mortgage foreclosure rate doubled last month compared to a year ago.

That prompted the Charlotte Business Journal to ask Bank of America if it was going forward with its roughly $4 billion stock deal to acquire Countrywide, the nation’s largest mortgage lender.

Yes, responded a spokesman for Bank of America, which is based in Charlotte. “We conducted extensive due diligence,” he told the Business Journal.

That wasn’t the only question about the deal.

In its story about Countrywide’s increased foreclosure rate, The Wall Street Journal reported that Bank of America’s takeover still has several hurdles. The Journal said SRM Global Master Fund LP plans to vote against the deal because it undervalues Countrywide.

SRM, a hedge fund, holds 5.5 percent of Countrywide, founded by CEO Angelo Mozilo in 1969.

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