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CHARLOTTE, N.C. — The Federal Reserve on Thursday approved Bank of America’s purchase of distressed subprime mortgage lender Countrywide Financial Corp.
In a statement, the federal regulatory agency said it considered many comments for and against the company buyout and “has considered carefully the financial factors of the proposal.”
Charlotte-based Bank of America, which announced its $4 billion acquisition of the Calabasas, Calif.-based mortgage lender in January, has faced much criticism for Countrywide’s large exposure to subprime home loans.
