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Countrywide Taps Credit; Housing Starts Down

WASHINGTON, D.C. -- Countrywide Financial, the nation's largest mortgage lender and a major partner in the credit union mortgage arena, has tapped its $11.5 billion credit limit to ensure its funding liquidity. The $11.5 billion is provided by 40 of the world's largest banks. Housing starts have dropped back to...

By Staff Writer | Updated on August 16, 2007

WASHINGTON, D.C. — Countrywide Financial, the nation’s largest mortgage lender and a major partner in the credit union mortgage arena, has tapped its $11.5 billion credit limit to ensure its funding liquidity. The $11.5 billion is provided by 40 of the world’s largest banks. Housing starts have dropped back to pre-boom 1997 levels.

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