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Obviously the numbers crunchers at B of A aren’t the sharpest pencils in the box. With all of their financial degrees and accounting acumen these guys appear to be way off on their valuations. In August they bought 2 billion dollars worth of stock at $18.00 per and today the stock is trading for around 5 bucks, that’s about a 72% loss of value. If I was a B of A shareholder I would certainly be questioning the wisdom of their acquisition. read the Forbes article here.
If I were B of A and wanting to do a deal with Countrywide I would wait until the FBI and other Federal agencies have completed their investigations of the company.
Mortgage industry focus of feds’ probe
Tags: bofa, countrywide, fraud, fresno, mortgage
