It looks as though the smart money (yet again) is looking for bargains. Bank of America is looking to buy Countrywide Financial Corp, the nation’s largest mortgage lender. The company has been devalued due to billions of dollars of bad debt being written off. Just like a property, you have to find a diamond in the rough. You pay pennies for the dirty thing. And with a little “elbow grease” and a short amount of time, you get a priceless jewel.  If BoA picks this company up, it will become a powerhouse in the US financial markets.  Now shouldn’t we be out looking for “diamonds” in the rough?