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.