N.Y. Post: Countrywide looking for cash

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News item: The New York Post reports Countrywide (In Post-speak, it’s ‘Countryslide’) is looking for another strategic investor to pump cash into the company: ‘Countrywide Financial Corp. is putting together another multibillion-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.’

A source tells the Post, ‘Countrywide is in desperate need of cash right now to continue funding mortgages, and the credit markets are still largely closed to them.’

Reuters and Bloomberg picked up the story; Countrywide shares fell 34 cents; Bloomberg: ‘Amber Cousins, a spokeswoman for Countrywide, didn’t return a call for comment.’

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Photo Credit: L.A. Times/EPA