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Countrywide Mortgage Foreclosures have really hurt the company—to the point that many have suggested they were facing bankruptcy.  As the economy worsens, and more homeowners are unable to pay their mortgage, Countrywide has been forced to begin the foreclosure process on many homeowners.  This has caused massive financial losses due to lost equity and the cost of foreclosing.  As a result, Bank of America has decided to take on another company with fiscal problems in hopes of turning things around.  (They recently bought MBNA who was also having difficulties.)  Only time will tell if this merger will be beneficial in the long term.