Countrywide Financial, a day after an analyst suggested it might have to file for bankruptcy, has borrowed $11.5 billion in emergency loans from 40 of the world’s largest banks. As the mortgage market tightens, Countrywide, the nation’s largest mortgage company, has seen its stock fall around 19 percent in the past two days, down to $17.84 per share. By the end of September, the lender plans to move its business into its bank subsidiary, where it has more stable access to funds. more [NYT]
Countrywide borrows $11.5B
August 16, 2007 12:00AM
