Bank of America completes acquisition of Countrywide

WASHINGTON (AFP) — Bank of America said Tuesday it completed its purchase of Countrywide Financial, the largest US mortgage lender that had been at the center of the country's subprime loan crisis.

The deal makes Bank of America the largest US mortgage originator and servicer.

In January, Bank of America agreed to pay four billion dollars in shares for Countrywide in a deal that rescued the nation's largest mortgage lender from a collapse that could have sent shock waves through the world's biggest economy.

The value of the stock deal is lower because of the decline in the price of Bank of America shares.

"Mortgages are one of the three main cornerstone consumer financial products along with deposits and credit ...