- As you enjoy your July 4th refreshments, lift a toast of thanks to Bank of America for its almost $40 billion contribution to resolving the mortgage loan debacle that continues to plague the US economy. $40 billion is about the cost that the Wall Street Journal estimates that Bank of America has spent to address the sins of Countrywide Financial Corp., the mortgage lender that it bought in 2008.Also take a moment to ponder the unforced error that left the nation’s largest bank with this mortgage-related nightmare. It is too late for Bank of America to do anything but make the best of a bad decision, but it is not too late for other executives and board members to avoid making the same mistake.
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