Countrywide to Sell Preferred Stock
Times Staff and Wire Reports
Countrywide Credit Industries Inc. will sell $300 million in preferred stock that resembles debt designed to appeal to institutional investors, according to people familiar with the sale. Pasadena-based Countrywide, the nation’s second-largest provider of mortgage loans, will sell 30-year securities, technically called trust-preferred stock, or Trups, in $1,000 increments. The Security and Exchange Commission is reviewing the sale.
