The rumor became fact. I wish I could say “good riddance” to Mozilo and the overemphasis on CFC as a barometer for the health of the mortgage mess and extrapolation to the credit crisis and as a sign of market bottoming. But I suspect this story is not over yet. There are a lot of unanswered questions for shareholders of BAC and CFC - so I expect that to drag things out, especially since the lack of disclosure about deal terms. More importantly, every citizen of the US deserves some answers about the government involvement in this deal. I doubt those disclosures will be forthcoming. There is an amazing assumption about fast-tracking regulatory approval on this transaction and when you consider all the “too big to fail” comments made about Countrywide and all the special deals cut for CFC over the past 6 months, I guess it’s not so surprising. But you have to wonder what promises were made between BAC and the government.

One last topic for now - if this deal doesn’t close until the 3rd quarter, who will be funding the operations / losses of Countrywide during that time? I know they claim to have enough liquidity, but they’ve made lots of those kind of promises.