Bank of America is going to be buying Countrywide Mortgage and it's sub prime loan portfolio. Of course they think they can make money eventually with this deal. The head of Countrywide certainly will. Here is the money quote:"In a written statement yesterday, House Financial Services Committee Chairman Barney Frank (D-Mass.) said Mozilo, "who will be profiting from this transaction personally," should "donate a substantial portion of the $150 million he has collected over the last several years to nonprofits and other institutions that are helping us deal with the problem he helped to create."
I'm sure Bank of America also has it's bases covered too. If things go sour they can just call up their lobbyists in Washington to get the U.S. taxpayers to bail them out. After all Bank of America is one of the banks that give credit cards to illegal immigrants. Now this always sounded like a pretty nutty idea to me since these customers are known to have broken U.S laws already. Yet Bank of America wants them as customers. Here let Bob explain it and see if it makes sense to you:
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