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... it's being sold for BofA stock (0.18 BofA shares per Contrywide share) -- but does that stock have a chance of rising up enough to counter the loss? I think not.
So it's the same thing -- Countrywide is locking in the loss for its shareholders. Earlier this week, analysist were still saying Countrywide's intrinsic value is around $40/share. So BofA is getting an incredible discount. Good for them, bad for everyone else.