Picking up where we left off in January, this Bank of America bid for Countrywide just keeps getting more confusing. If the deal is still on.
More folks are noticing that BofA really does not want to stand behind the worst of Countrywide’s debt, and that knowledge itself — in the form of lower credit ratings from S&P last week — has pushed down the value of Countrywide yet more. One analyst, in fact, now says Countrywide has negative equity.
Still, BofA is putting a happy face on things, telling Bloomberg that the deal is still on as originally planned.
We’ll see, but I have my doubts.
