It’s Getting Much Worse

Countywide is the largest mortgage company in the country. Countrywide had a terrible 2007. They had HUGE losses, in the Billions.
The 1st month of this year was even worse.
Countrywide reported last week, that the number of properties in foreclosures doubled last month and the number of delinquent loans almost doubled.

What I don’t understand is, why would one of the largest banks in the country pay $4 Billion dollars for a company that had already lost 80% of its market cap?
Something’s going on there and I think it involves my hard earned money.