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Report: Bank Of America May Acquire Countrywide

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Jan 10, 2008 3:24 pm US/Pacific

Report: Bank Of America May Acquire Countrywide

LOS ANGELES (AP) ―

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Bank of America reportedly is in advanced talks to acquire struggling Countrywide Financial.

The Wall Street Journal makes the report on its Web site, citing unidentified people familiar with the situation.

It isn't clear how quickly a deal might be struck for the nation's largest mortgage lender, based in Calabasas.

Countrywide shares climbed $3, or 58.6 percent, to $8.12 in afternoon trading. Bank of America shares rose 67 cents, or 1.8 percent, to $39.41.

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