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Bank of America wins approval to buy Countrywide
Summary from multiple countries, from articles in English
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Charlotte-based Bank of America, which announced its $4 billion acquisition of the Calabasas, Calif.-based mortgage lender in January, has faced much criticism for Countrywide's large exposure to subprime home loans that were offered to borrowers despite their shaky credit. (article 1)
Countrywide lost about $1.6 billion in the last six months of 2007, and the company faces numerous investigations and lawsuits related to its lending practices. (article 1)
When the Treasury published a consultation document on financial stability at the start of the year, there seemed little in terms of structural changes to the Bank of England to frighten the Threadneedle Street horses. (article 3)
Turkey's central bank put its credibility on the line on Wednesday after it sharply raised its inflation targets for the next three years in the teeth of soaring energy and commodity prices. (article 4)
The move won the backing of the government, with which the bank has seemed to be at odds in recent months because of a conflict between monetary policy, which is being tightened, and fiscal policy, which is being loosened. (article 4)
" This is not a good moment for the central bank of Turkey said Sevin Ekinci, chief economist at Nurol Investment Bank. (article 4)
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Other summaries about this story:
Event tracking:
Story keywords
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Bank, Countrywide, inflation, America, Treasury |
Source articles
- Bank of America wins approval to buy Countrywide (sfgate.com, 06/05/2008, 467 words)
- Fed backs bank's Countrywide buy (BBC News, 06/05/2008, 214 words)
- Mood music moves to greater supervision (ft.com, 06/05/2008, 584 words)
- Turkish central bank raises inflation target (ft.com, 06/04/2008, 528 words)
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blaster@cs.columbia.edu
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