Countrywide has been going through a roller coaster ride. They fell after a wall street analyst mentioned the b word (bankruptcy) regarding Countrywide. The shares fell from a once high 45 dollars a share to under 20. Countrywide was buoyed after it was announced that Bank of America was buying 2 billion in non voting Countrywide stock. Countrywide raised to 23 dollars a share. But the continued real estate issues with the credit mess took Countrywide down to 16 a share looking worse than before the Bank of America deal.

Today the roller coaster took a positive turn for Countrywide. Countrywide has secured 12 billion dollars in financing which should hopefully help it weather the credit crisis. Countrywide raised from 16 dollars a share to 20 dollars a share.

Why does all of this matter? As one of the largest lenders in America a Countrywide bankruptcy could lead to more problems in our already troubled credit markets. While this doesn't put Countrywide out of the troubled waters yet, the 12 billion in funding certainly brightens their long term prospects and gives them the ability to keep operating. Ki Gray is a realtor in the Austin Real Estate market. He works for Escapeso Austin Homes. If you are interested in Austin Texas his site has a page detailing the different Austin Condos currently available in downtown Austin.