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BofA to consider Countrywide bankruptcy

Sources say bankruptcy is a “nuclear” option should litigation losses cripple the company

The scent of blood is in the water. As the sharks continue to circle, Bank of America (BofA) reportedly is considering taking drastic steps to protect itself from the tsunami of lawsuits continually flooding the company in the wake of the Countrywide Financial Corp. takeover.

A group of people with knowledge of BofA’s corporate strategy told Bloomberg in a story posted today that the beleaguered bank would consider having the business unit file for bankruptcy if litigation losses threaten to topple the parent company.

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