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Real Estate News : You’re Paying for Bank of America to Buy Countrywide

Friday, June 27th, 2008

Real Estate News : You're Paying for Bank of America to Buy CountrywideYou heard me right…that’s your hard earned tax dollars at work. Here’s a clip from Bloomberg:

“Bank of America Corp.’s $3 billion takeover of Countrywide Financial Corp. will be financed by 138 million tax-paying Americans.

Bank of America, led by Chief Executive Officer Kenneth Lewis, can use tax write-offs to pay for Countrywide, the country’s biggest mortgage lender, said Robert Willins, a former managing director at Lehman Brothers Holdings Inc. who now runs his own accounting firm. Taxpayers may pick up about $5 billion of Countrywide’s losses over 20 years, he said. Countrywide shareholders approved the sale today.”

Check out the full article, “Bank of America’s Countrywide Tab Signed by Taxpayers.”

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  • http://real-estate-investing.explainedonline.net/2008/06/27/real-estate-news-you%e2%80%99re-paying-for-bank-of-america-to-buy-countrywide/ Real Estate News : You’re Paying for Bank of America to Buy Countrywide · Real-Estate-Investing.ExplainedOnline.Net

    [...] Original post by "Best Darn" Creative Real Estate Investing Blog on the Planet : MustKnowInvesting [...]

  • Wil Christenson

    So, the question that comes to mind is whether we would pay more by letting the banking fallout take it’s true course without government (tax money) intervention.

  • http://www.collegeplanningu.com ATurner

    The kind of deals that big businesses work out just amaze me. I want to meet the man behind that negotiation.

  • http://www.glimmerick.com Tage

    Deals like this just erk me. It seems like more and more expenses or investments can be deemed a “tax write off.” Sure they could be saving us in the future by “saving the industry”, but will we see the profits when the industry turns around?

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    Patrick grew up in Lexington, South Carolina. Went to Clemson University for several years studying civil engineering and wound up doing real estate investing in Charleston, SC.
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