from a group of 40 banks including JPMorgan Chase. On Friday August 17, many depositors sought to withdraw their bank accounts. Countrywide also planned to make 90% of its loans conforming. By this point stock shares had lost about 75% of their peak value and speculation of bankruptcy broadened. At the same time the Federal Reserve Bank lowered the discount rate 0.5% in a last-minute, early morning conference call. The Fed accepted about $17.2 billion in repurchase agreements for mortgage backed securities to aid in liquidity. This also helped calm the stock market and investors promptly responded positively with the Dow posting gains. Additionally, the firm was forced to restate income it had claimed from accrued but unpaid interest on "exotic" mortgages where the initial pay rate was less than the amortization rate. In 2007 it became apparent much of this interest had become uncollectable. In a letter dated August 20, Federal Reserve agreed to waive banking regulations at the request of Citigroup and Bank of America. The Fed agreed to exempt both banks from rules that limited the amount that federally insured banks can lend to related brokerage companies to 10% of bank capital. Until then, banking regulation was that banks with federally insured deposits should not be put at risk by brokerage subsidiaries' activities. On August 23, Citibank and Bank of America said that they and two other banks accessed $500 million in 30-day financing at the Fed's discount window. The same day, Countrywide Financial obtained $2 billion of new capital from Bank of America Corp. For this the Bank of America brokerage arm would get convertible preferred stock. On November 26, 2007, Countrywide stock was hammered on the NYSE, dropping over 10% to a level of $8.64/share; less than half the share's value in August when the firm faced bankruptcy rumors and a fraction of its value in 2006. One proximate cause were reports that the Atlanta Federal Home Loan Bank had extended a large amount of its credit to Countrywide to offset its inability to raise funds in the private market. Senator Chuck Schumer called for an investigation as to the prudence of the FHLBB's action in this regard. From 2005 to 2007, Angelo R. Mozilo sold much of his CFC stock realizing $291.5 million in profits. A class action suit was filed on behalf of shareholders alleging securities violations. In September 2008, Countrywide sent letters