In January, Bank of America announced that it would buy Countrywide. Countrywide, the largest mortgage loan servicer in the US, is suffering a great deal from continued losses and foreclosures. Even in light of the latest numbers about the massive bleeding going on at Countrywide, Bank of America remains steadfast in its offer. MarketWatch reports on what Bank of America may see as benefits of owning Countrywide:

"Countrywide built up possibly the best loan servicing
and loan origination businesses in the country and Bank of America will
basically get those for free and the loan portfolio for a 10%
discount," Gordon said.

   
       

The leaves Bank of
America ideally positioned if and when the U.S housing slump ends, he
said, despite any rough sailing along the way.