The mortgage crisis continues to worsen, as the largest mortgage lender in the US, Countrywide Financial has accepted an offer from the Bank of America for $4.1 billion to purchase them at well below book value. This has global economic implications, and I examine how things got so screwed up and provide my take on where they might be going.
Posted on Joshuapundit.
Tuesday 15 January 2008
Bank Of America Buys Countrywide ...
