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Looking Back On Bank Of America's Countrywide Debacle

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Five years ago Friday, Bank of America announced it was buying one of the nation's largest mortgage lenders. Bank officials thought the deal to buy Countrywide Financial would cement Band of America's place at the top of the commercial banking business. But it did not turn out that way.

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Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.