SEC filing: BofA gives 'no assurance' on portion of Countrywide debt

According to filing with the Securities and Exchange Commission, Bank of America Corp. gave no assurances that it will assume part of the debt of Countrywide Financial Corp. once BofA takes over the troubled mortgage lender.

According to the filing, Countrywide currently has $97.2 billion in debt as of December 31, 2007. Of that $97.2 billion, about $11.48 billion consists of credit facilities that will be paid off upon the closing of the merger.

Another $47.7 billion consists of advances from the Federal Home Loan Bank Board, which will be outstanding until paid off by Countrywide Bank.

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The balance of the debt is what is being spotlighted in this latest filing.

According to the filing, "Bank of America has made no determination in this regard, and there is no assurance that any of such debt would be redeemed, assumed or guaranteed."

The $4 billion purchaseof Calabasas' Countrywide (NYSE: CFC) by BofA (NYSE: BAC) is set to close in the third quarter.