Bank of America says, Thursday, June 26, 2008, it will cut about 7,500 jobs after it closes its acquisition of Countrywide Financial. Bank of America expects to close the deal July 1, having received the go-ahead from Countrywide shareholders on Wednesday. Earlier this month, the Federal Reserve cleared the way for the acquisition, which would give Bank of America control of 20 percent to 25 percent of the home loan market. Both cases accuse Countrywide of systematically deceiving borrowers in order to get them to take on risky loans they couldn’t really afford, and name Chairman and CEO Angelo Mozilo as a defendant. Investors have worried that further deterioration in the mortgage market as home loan delinquencies and defaults rise could make it harder for Bank of America to manage Countrywide’s loans. Read More