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Countrywide Financial Corp. and CIT Group Inc. said they’ll be able to ride out the mortgage industry’s credit crunch as two more rivals, HomeBanc Corp. and Impac Mortgage Holdings Inc., curtailed new loans. HomeBanc said it is selling assets to Countrywide after bankers cut off credit and left the Atlanta-based company unable to fund loans. Impac, based in Irvine, Calif., halted “Alt- A” loans and fired some of its staff. CIT, which disclosed plans last month to leave the mortgage business, said it has access to a cash cushion of almost $15 billion. Bankers have cut off credit to home lenders as overdue payments rose to the highest level since 2002, according to the Mortgage Bankers Association. Markets where mortgages are bought and sold have almost shut down, leaving lenders short on cash.  More…

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