On January 11, 2008, Bank of America announced they would buy Countrywide Financial for $4.1 billion.[32] In March 2008, it was reported that the FBI was investigating Countrywide for possible fraud relating to home loans and mortgages.[33] This news did not hinder the acquisition, which was completed in July 2008,[34]giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[35] The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.[36]