FINANCIAL SERVICES

Fannie Mae, the No. 1 U.S. mortgage buyer, forged an alliance with Countrywide Credit Industries Inc. under which Fannie Mae will buy a “substantial portion” of the lender’s mortgages, Calabasas-based Countrywide said. In return, Fannie Mae will allow a Countrywide unit to place products on Fannie Mae’s MORENETplus system, a mortgage appraisal, closing and origination system for lenders and brokers. The alliance, the fifth for Fannie Mae this year, mirrors those made by rival Freddie Mac earlier this year, which kicked off the battle in March by forming an alliance with Norwest Mortgage Inc.