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No. of Recommendations: 3
ytm, persistentone, TMFMurph,

TMFMurph wrote, While I can't give you specifics, I do see in my written investment thesis for CFCpB ( bought it from $17 all the way down to the single digits ), that BAC directly backed $16.6B of Countrywide debt ( including CFCpB ) in November of 2008 in exchange for some Countrywide assets.

Perhaps that date will aid you in your hunt for specifics.


CFC-B has clearly been converted. See the SEC filings: http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=000...

According to those filings, the securities underlying CFC-B was replaced with Bank of America issues. As I recall, the trust guarantees were also amended to replace the Countrywide guarantee with a Bank of America guarantee.

CFC-A and CFC-B are not required to post regular SEC filings, so the related filings are the top 6 listings. If you review the listings, you will find that Bank of America filed replacements or guarantees for 5 issues. The issues who's guarantees were replaced are known at Countrywide Capital V thru IX. CFC-B is Capital Trust V, but I believe the other capital issues are bond offerings. Follow the links and you can find their prospectus and check it for yourselves.

Interestingly CFC-A has similar filings, but the filings do not correctly reference the older CFC-A, which was issued by Countrywide Capital IV.

Disclosure: I own CFC-B and some CPP. I liquidated my CFC-A holdings over a year ago.

- Joel
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