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North Carolina

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Countrywide/BofA Merger Impacts California Defaults 

Aug 12, 2008By

The July 1 acquisition of Countrywide Financial Corp. by North Carolina-based Bank of America Corp. [stock BAC][/stock] is clearly having an impact on California default activity, with notices of default falling statewide for the third straight month. The vast majority of the drop is tied to loans with the now-combined mortgage operation, according to a report released Tuesday by property information providers ForeclosureRadar.