Bank of America assumes Countrywide debt
Business First of Buffalo
Bank of America Corp. will assume $16.6 billion of Countrywide Financial Corp. debt and guarantees, according to documents it has filed with the U.S. Securities and Exchange Commission.
The announcement is tied to Bank of America’s assumption of Countrywide’s assets and operations.
Bank of America is the sixth-largest bank in Western New York, with regional deposits of $890 million, based on records kept by the Federal Deposit Insurance Corp. It also operates a mortgage service center in Amherst.
Bank of America acquired Countrywide on July 1 for $2.5 billion. It initially indicated to the SEC that it could give "no assurance" that it would assume Countrywide's debt.
Previous reports had suggested that Countrywide’s total debt was in the range of $40 billion. A precise figure was not included in the new SEC filing.
Related Industry News |
Latest News |
Most Viewed Stories |
Most Emailed Stories |
