BUSINESS
03/28/2008 02:45 am ET | Updated May 25, 2011

Bank Of America In Talks To Buy Countrywide

Bank of America Corp (BAC.N: Quote, Profile, Research) is in advanced talks to buy struggling Countrywide Financial Corp (CFC.N: Quote, Profile, Research), the largest U.S. mortgage lender, several people familiar with the matter said on Thursday.

Countrywide shares soared 51.4 percent, recovering losses posted in the prior two days when investors were speculating the company could go bankrupt even after it specifically rejected that prospect on Tuesday.

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