This is a bailout. Bank of America will purchase $2 billion worth of preferred Countrywide stock yielding 7.3%, and that can be converted into common stock at $18 per share. It should be noted that Countrywide is currently selling at $26.19, up 20% from before the infusion purchase.

This is a juxtaposition of desperation on the part of Countrywide and vulture opportunism on the part of BoA.

Honestly, I think that they will end up losing money on this.