SEC filing: Bank of America gives
Bank of America Corp. gave no assurances that it will assume part of the debt of Countrywide Financial Corp. once Bank of America takes over the troubled mortgage lender, according to a filing with the Securities and Exchange Commission,
The filing says Countrywide had $97.2 billion in debt as of Dec. 31. About $11.48 billion of that total consists of credit facilities that will be paid off upon the closing of the merger.
About $47.7 billion of the debt consists of advances from the Federal Home Loan Bank Board, which will be outstanding until paid off by Countrywide Bank free credit report instantly.
The balance of the debt is what is being spotlighted in this latest filing.
According to the filing, "Bank of America has made no determination in this regard, and there is no assurance that any of such debt would be redeemed, assumed or guaranteed."
Charlotte, N.C.-based Bank of America (NYSE:BAC) is slated to close on its $4 billion purchase of Calabasas, Calif.-based Countrywide (NYSE:CFC) in the third quarter.
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