NGUYEN: Well, the mortgage meltdown leads to a mega merger. Investors are hoping it will help rescue the battered home loan industry.</s>HOLMES: And our personal finance editor Gerri Willis looks at what it could mean for your mortgage.</s>GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: Bank of America is buying Countrywide, the nation's largest mortgage lender in a deal worth $4 billion. Now, if you have a Countrywide mortgage -- and I hear from a lot of you who do -- don't worry. Bank of America will likely take over Countrywide mortgages and there will be no difference in where payments go. Loans are bought and sold all the time, and whether it's Countrywide or any other bank that sells loans, you have rights when that happens. First off, you have a period of 60 days, a grace period to get your money to the right place. Also, you should get a letter from the new lender in just 15 days telling you of any important changes. Most important, the terms of your loan can't change. If you managed to lock in a sweet five percent interest rate a few years ago, it will remain the same. And if you're one of those folks struggling with unmanageable, adjustable-rate loan terms, you may have a better chance negotiating with Bank of America than Countrywide. Whatever you do, if you have a Countrywide mortgage, don't stop paying because of this week's news. Your mortgage is an asset and your new lender will require that you pay.</s>NGUYEN: Yeah, don't stop paying. That is some key information. And for in-depth coverage of the Countrywide buyout and what it means for homeowners, go to cnnmoney.com.</s>HOLMES: Well, of course, they are running for president and they are out looking for your support. So what are the big issues on the campaign trail? If you guessed Iraq, guess again.</s>GEORGE CLOONEY, ACTOR: I have never and would never cross the picket line.</s>NGUYEN: Entertainers are backing the writers so there is no awards ceremony this weekend, but some businesses say the strike is hurting more than just Hollywood.
Countrywide Agrees to Buyout: What Does That Mean for You?