Countrywide says it’s not in trouble
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Countrywide Financial Corp. moved to reassure investors Tuesday that it wasn’t borrowing too much and wouldn’t be constrained in its ability to provide home loans.
“We said it back in August, we said it in September, we said it last week, we’ll say it until we turn blue in the face, but we have ample liquidity to fund our growth and operational needs,” David Bigelow, Countrywide’s managing director of investor relations, said at an FBR Capital Markets conference in New York.
Countrywide shares rose 33 cents, or 3.8%, to $8.97, marking only the second gain in two weeks for the stock. The shares are down 79% this year.
Bigelow rejected criticism that Calabasas-based Countrywide had threatened the soundness of the Federal Home Loan Bank system by borrowing excessively. He also said Countrywide didn’t expect issues affecting Freddie Mac and Fannie Mae to materially hurt its ability to make home loans.
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