by Calculated Risk on 7/10/2008 04:23:00 PM

From the LA Times: Countrywide takeover will pay off, BofA's CEO says

[Lewis] said Bank of America paid so little for the lender that once the books on the deal were closed, the Countrywide operation would immediately show a profit -- with the potential for huge growth in income when the mortgage industry recovers.
...
Lewis initially said he wanted to study whether to keep the Countrywide brand, which was extremely well recognized even if it was tarnished.

"I went in thinking that there would be some way to use the Countrywide name," he said Wednesday. But as the mortgage meltdown worsened, with Countrywide at its center, that possibility disappeared.
...
As for the housing market, Lewis said Bank of America's latest forecast called for a further 15% decline in home prices nationwide, with the decline going into at least the first quarter of next year.

In the case of California, Florida and other markets that had the biggest booms, a further 20% decline is more realistic, he said.

Isn't Lewis saying "Don't buy yet!"?