Las Vegas Sun

December 17, 2014

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Countrywide Rescued by Bank of America

Now we know why Countrywide couldn't make it to yesterday's teleconference with ACORN.

Bank of America will pay $4 billion in stocks for Countrywide, which was a big subprime lender and which reports had teetering on bankruptcy this week.

So what does the bail-out mean for the swath of Las Vegans who are in or facing foreclosure through Countrywide? Not a whole lot, say the people who help borrowers with foreclosure issues.

"I think it would be seamless to the consumer that would have any financial dealings with the organization," said Michelle Johnson, CEO of Consumer Credit Counseling Service for Nevada and Utah. "Who it will affect are

stockholders, not the customer base."

National ACORN spokesperson Charles Jackson said he doesn't expect the news to impact his organization's deal with Countrywide, which we posted yesterday.

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