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LOS ANGELES - The credit mess forced Countrywide Financial Corp., the nation’s largest mortgage lender, to borrow $11.5 billion on Thursday, shocking financial markets already reeling from the growing credit crunch and threatening to make home loans harder to get. Countrywide, which has major operations in Chandler and Tempe, said it borrowed the cash from a group of 40 banks so it could keep making home loans. The announcement sent its stock tumbling about 11 percent and prompted one credit-rating agency to downgrade its rating to nearly junk-bond status. Countrywide is the largest mortgage lender by volume, accounting for more than 13 percent of the loan-servicing market as of June 30, according to the mortgage-industry publication Inside Mortgage Finance.  More…

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