Deep Value

What is Countrywide's Lending Operation Worth?

Who cares? We all know CFC is broken but BAC knows how to fix it. Jim's analysis is right on in my opinion... with pretty conservative estimates on operations. BAC may get off the hook with regard to many of CFC's liabilities as well.

CFC is trading at only a 10% spread on the deal value but I believe BAC in trading at about 50% of it's intrinsic value.