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Analysis

The Systemic Effects of Countrywide Going Bust…

By Nouriel Roubini

It looks increasingly likely that the deal of Bank of America (BAC) buying Countrywide (CFC) may collapse: according to many banking experts once BAC does its due diligence on this deal it will become obvious that Countrywide is effectively bankrupt (negative equity) and saddled with a mountain…

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