The Federal Bureau of Investigations has opened criminal inquiries into 14 companies as part of a wide-ranging investigation of the troubled mortgage industry.

These charts from calculated risk detail the hit that even AAA rated tranches of CDOs are taking. Truly mindblowing when you see how much the ABX has traded off even at the highest quality tranches.

Article about why Bank of America's purchase of Countrywide will be a great investment. Bank of America will endure some short-term pain because of Countrywide's mortgage portfolio but the long-term benefits of gaining Countrywide's market share, infastructure, network, and distribution are larger.

Merrill is expected to get $3 billion to $4 billion, much of it from a Middle Eastern government investment fund. Citi could get as much as $10 billion from Singapore's GIC...Countrywide on collision course with bankruptcy...