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09/16/07
Mortgage lender’s rough ride
Filed under: General, Mortgages
Posted by: Lillian Wong @ 11:31 am

LOS ANGELES - Countrywide Financial Corp. grew from a two-man startup in 1969 to become the nation’s leading mortgage lender by deftly riding out housing boom-and-bust cycles. This time around, however, the ride has been a lot rougher, leaving the company in a scramble to regain its footing as the housing market has turned from boom to bust. To survive, it’s been forced to borrow billions of dollars, announce thousands of job cuts and dramatically restructure its lending practices to nearly eliminate risky subprime loans to borrowers with shaky credit that have led to massive foreclosures and defaults wracking the housing market.  More…

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