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Countrywide bankruptcy could help Bank of America, NY Times says

Bank of America (NYSE:BAC) may be "overwhelmed" by Countrywide's losses, and Bank of America's best option may be to have the unit declare bankruptcy, New York Times columnist Steven M. Davidoff wrote yesterday. However, Bank of America could still be liable for some of Countrywide's debts even after such a transaction and will still have to pay litigation costs in order to fight such claims, the columnist adds.