Bloomberg interviewed Harvey Miller, who is regularly described as the dean of the bankruptcy bar in the US. Miller handled the Lehman bankruptcy and is thus well positioned to opine on whether Bank of America might put Countrywide into bankruptcy.
You’ll notice that Miller studiously avoids saying anything terribly definitive. But he also makes clear that a BK filing for Countrywide would open up a shitstorm of litigation and has the potential to have serious adverse consequences for Bank of America. Oh, and it otherwise might not work as planned. It’s also interesting just as a matter of curiosity to see one of the prominent figures in the crisis perform.
From Bloomberg (hat tip Lisa Epstein):