Bank Of America To Move Forward On Countrywide Purchase

Bank of America chief executive Ken Lewis says the Charlotte bank is moving forward with its purchase of beleaguered mortgage lender Countrywide Financial.

Lewis told an investor conference in New York that everything is still moving toward completing the transaction.

California-based Countrywide today reported a larger than expected loss of 422 million dollars in the fourth quarter of 2007.

Bank of America agreed earlier this month to pay 4.1 billion dollars in stock for Countrywide. But the company's shares are trading around 20 percent below what each would be worth at the current price of Bank of America stock. The spread has led some investors to worry Lewis could back away from the deal or seek a lower price.