After announcing the layoffs of over 12,000 employees last week, there is more bad news in the pipeline for Countrywide, the nations largest lender.
http://www.nypost.com/seven/09112007/business/countryslide.htm
September 11, 2007 -- Countrywide Financial Corp. is putting together another multi-billion dollar bailout plan as the nation's largest home lender continues to struggle amid the global credit crunch and declines in the housing market, The Post has learned.........
Countrywide, which handles one of every five new U.S. mortgages, has been hurt by falling home prices and record foreclosures. The company has billions in medium-term debt coming due in about 90 days and needs to cash to continue operating.
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