August 19, 2007

Alarming Countrywide Financial Liquidity Credit Line

What does Countrywide Financial do if the $11.5 billion credit line isn't enough?

The timing of the Fed's action was also notable as it followed in the wake of an alarming announcement Thursday from Countrywide Financial (CFC) that it had drawn down the entirety of its $11.5 billion unsecured credit facility to supplement its funding liquidity position.

Emphasis added to "entirety."


Weekly Recap - Week ending 17-Aug-07

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