Thursday, Aug 16, 2007
Oh Dear.. and the beat goes on.
Bloomberg: Countrywide Taps $11.5 Billion Credit Line From Banks (Update5)
Countrywide turned to the emergency loan, which it said was provided by a group of 40 banks, a day after Merrill Lynch & Co. raised the prospect of bankruptcy for the Calabasas, California- based lender.
Posted by steve dee @ 09:36 PM (261 views) Add Comment
1 Comment
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1. Orwell said...
I saw a similar article in the Houston Chronicle:
"...The announcement sent its stock tumbling about 11 percent and prompted one credit rating agency to downgrade its rating to near-junk bond status..."
Oh dear, oh dear oh dear...