Shares in Countrywide Financial Corp. soared more than 50 percent Thursday after talks that Bank of America Corp. was in advanced talks to acquire the struggling lender.

The

Wall Street Journal

(subscription required) is reporting that while no deal is imminent between the two parties, one could be announced very soon.

Shares in Countrywide have been roiled of late by rumors of impending bankruptcy as well as legal troubles, shedding as much as 42 percent this week.

The two companies have a history, as well. Back in August, B of A helped the lender by purchasing $2 billion worth of preferred that is convertible into a 16 percent stake in the Calabasas-based company.

Since then, mounting defaults, scarce capital and a slumping real estate market have only compounded Countrywide’s problems. Countrywide has denied repeatedly that it is considering filing for bankruptcy.

Both Countrywide and Bank of America declined to comment on any possible deal, saying they both have a longstanding policy on not commenting on rumors and speculation.

Shares in Countrywide gained more than 51 percent Thursday, closing at $7.75 in heavy trading on the New York Stock Exchange.