<Li> Capital Markets, which operates as an institutional broker - dealer that primarily specializes in trading and underwriting mortgage - backed securities . </Li> <Li> Global Operations, which provides mortgage loan application processing and loan servicing . </Li> <P> On January 11, 2008, Bank of America announced that it planned to purchase Countrywide Financial for $4.1 billion in stock . On June 5, 2008, Bank of America Corporation announced it had received approval from the Board of Governors of the Federal Reserve System to purchase Countrywide Financial Corporation . Then, on June 25, 2008, Countrywide announced it had received the approval of 69% of its shareholders to the planned merger with Bank of America . On July 1, 2008, Bank of America Corporation completed its purchase of Countrywide Financial Corporation . In 1997, Countrywide had spun off Countrywide Mortgage Investment as an independent company called IndyMac Bank . Federal regulators seized IndyMac on July 11, 2008, after a week - long bank run . </P> <P> Countrywide was founded in 1969 by David S. Loeb and Angelo Mozilo . Loeb died in 2003 . The initial public offering was less than successful, with company stock trading over the counter at less than $1 per share . In 1985 Countrywide stock was re-listed on the New York Stock Exchange under the ticker symbol CFC . </P>

When was countrywide bought by bank of america