Hearings sought on BofA buyout

From Times Wire Services

Consumer groups in four states are asking congressional banking committees to conduct hearings on Bank of America Corp.'s proposed $4.1-billion buyout of struggling mortgage lender Countrywide Financial Corp.

The groups want lawmakers to investigate the possible effect of the buyout on Countrywide borrowers and employees. The groups are from California, New York, New Jersey and North Carolina.

Charlotte, N.C.-based Bank of America agreed to acquire Calabasas-based Countrywide last month in an all-stock deal.