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No. of Recommendations: 13
B of A's investment in Countrywide was definately not a short-term venture. I don't think anyone over there cares about the price of CFC right now.

The investment in Countrywide is very consistent with their strategy of focusing on the retail side of the lending business. Not too long ago, Floyd Robinson, Bank of America’s president of consumer real estate and insurance services announced that B of A was to exit the wholesale lending business altogether. I wouldn't be surprised if BAC made more investments like this one in early 2008. By either buying more CFC or acquiring a smaller broker entirely or a combination of both.

I strongly believe anyone selling BAC right now is making a huge mistake. Not only is the stock underpriced but BAC, the company, is continuing to make value added moves for the patient investor. Not to mention a nice dividend while you wait.
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