11.01.2008 15:00 Real Estate

WASHINGTON (AFP) - Bank of America announced Friday it was buying mortgage lenderCountrywide Financial in a four-billion-dollar deal.

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Shares of Countrywide Financial shares had rallied Thursday after a report said Bank of America was in "advanced talks" to buy the troubled mortgage lender.

In August, Bank of America had bought a stake of 16 percent in the nation's largest mortgage lender and had first right of refusal in any sale of Countrywide.

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