credit crunch: On The Upswing? - 11/23/07 09:12 AM
Posted:  August 23, 2007
Because Countrywide mortgage is an icon of the industry, what happens to the company can have an emotional affect on borrowers and investors.  So when the company found it suddenly difficult to obtain its usual sources of short term corporate debt (called commercial paper), they sprang into action and called in the big guns, asking for a line of credit from 40 banks and an investment of preferred stock from Bank of America.  They received both.
It may seem surprising that they were able to obtain such quick financing from so many different sources.  But I can tell you … (0 comments)


Glory Gray

Mortgage Planner

Weiser, ID

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Prime Equity Mortgage Group

Office: (208) 549-8700

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