"The July 1 acquisition of Countrywide Financial Corp. by North Carolina-based Bank of America Corp. (BAC: 31.13 -6.74%) is clearly having an impact on California default activity, with notices of default falling statewide for the third straight month. The vast majority of the drop is tied to loans with the now-combined mortgage operation, according to a report released Tuesday by property information providers ForeclosureRadar."

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