Countrywide Shareholders Vote to Sell Company
ARI SHAPIRO, host:
NPR's business news starts with the sale of Countrywide.
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SHAPIRO: The nation's largest mortgage lender could soon end its nearly 40-year run as an independent company. Countrywide's shareholders yesterday voted to sell their company to Bank of America for $2.7 billion. Bank of America will inherit a host of lawsuits against Countrywide, which has become a symbol of the aggressive loan marketing that led to the housing crises.
Yesterday, the states of Illinois and California filed the latest suits against the company. They charged the mortgage lender with deceptive marketing.