Courtesy of MarketWatch, we find out today that Countrywide will operate separately from Bank of America at least until 2009, and that some believe the Fed is behind the deal by feeding B of A some great federal incentives.

Herb Greenberg states on his blog:

1. The Fed is behind the deal. (Today’s thought: It’s as likely as yesterday.)

2. The Fed is behind the deal because the rumors yesterday of a near bankruptcy were probably true. (Based on the price, it would appear more evident than ever.)

3. As part of the deal, the government likely agrees to guarantee BofA against Countrywide-related losses. (There was nothing in the press release about that, so let’s give them the benefit of the doubt and say BofA is shouldering all of the risk and at this price it believes the risk is worth the reward.)

4. Lost in the in the noise yesterday was that Moody’s downgraded the ratings on 30 (count ‘em — THIRTY!) tranches of Countrywide’s mortgage debt by more than a few notches. They did something similar before American Home Mortgage filed for bankruptcy. (Remains as telling today as it was yesterday.)

So some of you already guessing The Fed was behind the deal, you are not alone. My story that appeared on Saturday, also talked a bit about the ramifications of such a deal:

Bay Area mortgage professionals said Friday that they believe Bank of America’s $4 billion purchase of Countrywide Financial may be good for the industry’s financial well-being, but reduced competition could be bad for consumers.

“While it will give a little bit of stability to financial markets, it will create a smaller marketplace,” said Ed Jeffry, a loan consultant with Peregrine Lending in Walnut Creek.