Fed Backs Countrywide Buy

news.bbc.co.uk — U.S. banking giant, Bank of America, is free to take over the country's biggest mortgage lender, Countrywide Financial, after the move got regulatory approval. The U.S. Federal Reserve said, after looking at the case for and against the $4 billion purchase, that it could go ahead. Analysts say the deal is a lifeline for distressed lender Countrywide.

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