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BofA assumes $16 billion in Countrywide debt

Bank of America Corp. on Monday said it was assuming $16 billion in Countrywide Financial Corp. debt obligations as part of its July 1 acquisition of the mortgage lender.

In a securities filing, the Charlotte bank said it “transferred substantially all of (Countrywide's) assets and operations” to Bank of America last week, including debt securities and related guarantees. “We have assumed their long-term debt,” spokesman Bob Stickler said.

Bank of America had initially left some doubt whether it would take on Countrywide's debts, a major worry to the lender's bondholders. Bank of America had initially valued Countrywide's debts at about $38 billion.

Rick Rothacker

Desoer named one of “50 Women to Watch”

Bank of America Corp.'s Barbara Desoer is No. 3 on the Wall Street Journal's list of “The 50 Women to Watch,” released Monday.

Desoer, a bank veteran, was named this spring to lead the combined mortgage unit of Bank of America and its new purchase, Countrywide Financial Corp. Desoer was not on last year's list, which did include two other Bank of America execs: Amy Woods Brinkley, the head of global risk, and Frances Aldrich Sevilla-Sacasa, who led last year's merger with wealth manager U.S. Trust Corp. Christina Rexrode

Wells Fargo: stock offering up to $12.6 billion

Wells Fargo & Co. said Monday its stock offering increased to $12.6 billion.

The underwriters purchased an additional 61 million shares. San Francisco-based Wells Fargo raised $11 billion last week to help pay for its purchase of Wachovia Corp., announced in October.

Bloomberg News
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