Treasury emails outline Countrywide’s mortgage crisis

CHARLOTTE, N.C. – Jan. 10, 2012 – As Bank of America Corp. finalized plans to buy the ailing Countrywide Financial Corp., government officials traded emails about the mortgage lender’s troubles, rumors that regulators had a hand in the deal, and the housing market’s role in the looming recession.

The newly released messages between U.S. Treasury Department officials span the turbulent months between August 2007, when Bank of America first invested in Countrywide, and January 2008, when the Charlotte bank announced plans to buy the nation’s biggest mortgage lender.

Bank stakeholders still lament the acquisition, which led to losses and legal troubles that have continued to pummel the company.

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