Updated Saturday, June 7, 2008 0:00 am TWN, AP

Bank of America wins OK to buy Countrywide

CHARLOTTE, N.C. -- The Federal Reserve has approved Bank of America Corp.'s purchase of distressed mortgage lender Countrywide Financial Corp.

In a statement Thursday, the federal regulator said it considered many comments for and against the company buyout and "has considered carefully the financial factors of the proposal."

Charlotte-based Bank of America, which announced its US$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.

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