Looks like Bank of America wants to buy Countrywide for $4 billion in stock hoping that it will be a great addition to its mortgage market.  There is going to be a lot of risk in this venture with all of the troubled loans in the country.  Bank of America is going into this purchase knowing that it is going to be tough at first, but be profitable long-term.....hopefully.

The purchase has been approved by the companies, but still has to go thru regulatory and shareholder approval.