July 18, 2024

Thursday's stock market sell-off was partly due to fears about Countrywide drawing down lines of credit.

Standard & Poor's cut credit ratings on Countrywide Financial to A/A-2 and said of the company that the rating is, "reflecting the strong capital and credit profile of Countrywide Bank."  Also, Moody's said  that Countrywide had liquidity to last through the end of 2008.

So, it looks like reports of the demise of Countrywide are very much exaggerated! This is still a very bad real estate market. [tags] Countrywide Mortgage,mortgages,home loans,housing bust,mortgage bust,real estate bubble[/tags] San Diego real estate library 

6 thoughts on “#1 US Mortgage Company to Go Bankrupt?

  1. In the end, the coming days, weeks, and months, it will become increasingly more important that The Federal Reserve and it’s policy makers in the government keep an eye on both Wall Street and Main Street. America is made of lot of little guys that make our economy run…… If the little guy has a problem in our economy… The Big Guys in our economy feel the pinch.

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