Bank of America Sends Cash to Countrywide Bank of America says that it will invest $2 billion in Countrywide, the largest home mortgage company. Countrywide has been struggling to raise cash. Last week, the lender was forced to draw on an $11.5 billion line of credit from a group of banks.
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Bank of America Sends Cash to Countrywide

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Bank of America Sends Cash to Countrywide

Bank of America Sends Cash to Countrywide

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RENEE MONTAGNE, host:

Today's business news starts with a bright spot in the mortgage crisis.

Bank of America announced late yesterday that it will invest $2 billion in Countrywide, the largest home mortgage company. Countrywide has been struggling to raise finances. Last week, the lender was forced to draw on an $11 billion line of credit from a group of banks.

And that show of weakness sent the market plummeting. Countrywide's shares have fallen more than 50 percent in the last six months. So the cash injection from Bank of America is a much-needed vote of confidence for the company.

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