Countrywide is big. Really big. Just in the last six months they’ve provided 16% of the home loans in the US.
On Wednesday, the company was said to be having trouble borrowing money on a short-term basis, securities analysts discussed the possibility of a Countrywide bankruptcy and the firm’s stock price tumbled 13%, bringing its loss for the year to 50%.
Not sure if this is an issue to you? Try this quote on for size…
Countrywide also bills and collects payments on $1.4 trillion in mortgages for itself and other lenders. What’s more, Countrywide is the largest customer for Fannie Mae, the big government-sponsored mortgage buyer. More than one-third of all mortgages sold to Fannie Mae comes from Countrywide.
Comments(1)