*B of A buys into Countrywide

Yesterday the baseless speculation centered on Warren Buffett, but the WSJ, citing sources, just reported that the bank giant will purchase $2 billion worth of preferred Countrywide stock yielding 7.25 percent - and that can be converted into common stock at $18 a share. (The stock closed today at $21.82.) That will probably provide additional comfort to those concerned about Countrywide's financial situation. Earlier today, Bank of America and three other major U.S. banks disclosed that they had borrowed $500 million each from the Fed's discount window - a largely symbolic move that's aimed at calming the financial markets and ultimately easing the credit crunch. (AP)

*IndyMac resumes "jumbo" loans: Those are mortgages for people with good credit, but that are too big for government-sponsored entities like Fannie Mae and Freddie Mac. The Pasadena-based mortgage lender had temporarily stopped offering jumbo loans because of all the tumult in the credit market. (AP)