``Run by former UBS trader Jon Wood, SRM claims that the book value for Countrywide, as of December, was around $20 a share. In January, Bank of America agreed to pay $4 billion for Countrywide, which equates to an offer of less than $8 a share.''

Sorry Jon, if the market thought $8 a share was "too cheap", the stock wouldn't be trading for even less than that. There are valid questions as to whether Countrywide has a positive enterprise value, given the enormous and looming portfolio and litigation risk.

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