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Sometimes the unthinkable happens. Countrywide being bought out by B of A is one of those events. This is an example of how bad the lending market is at the moment. Countrywide stock had dropped from 45-5 dollars as of yesterday before the buyout was announced. It was rumored that they may even be forced into bankruptcy. The deals not done until it's done-so time will tell. What will be interesting will be the number of non performing loans and how many more will fall into that category before it's all over. Countrywide has a reported 26 Billion dollar portfolio of Option Arm loans. These are the loans that most easily fall into the toxic debt category.
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