Bank Of America-Countrywide Merger Cost BofA $40 Billion

A huge mistake is weighing on Bank of America.

The bank’s acquisition of mortgage lender Countrywide in 2008 has cost BofA more than $40 billion, the Wall Street Journal reports. The merger turned BofA into a big player in the mortgage market right before the housing bubble burst and since the bank has suffered massive real estate losses and paid

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