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March 2, 2021
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COUNTRYWIDE-MORTGAGES
(2007-08-21)
(wgvu) - THE NATION'S LARGEST MORTGAGE LENDER IS
TRYING TO REASSURE CUSTOMERS THAT LIQUIDITY PROBLEMS DOGGING ITS
MORTGAGE OPERATIONS ARE NOT AFFECTING ITS BANKING UNIT.
COUNTRYWIDE FINANCIAL RAN FULL-PAGE ADS YESTERDAY IN U.S.
NEWSPAPERS, INCLUDING THE DETROIT FREE PRESS. THE ADS ASSERT THAT
-- QUOTE -- "THE FUTURE IS BRIGHT" -- UNQUOTE.
THAT CLAIM COMES AS COUNTRYWIDE HAS BEGUN LAYING OFF EMPLOYEES
IN AN EFFORT TO RIDE OUT THE CREDIT CRUNCH THAT HAS ROCKED THE HOME
LOAN INDUSTRY.
THE ADS SAY THE BANK HAS MORE THAN $100 BILLION IN ASSETS AND
INVESTMENT-GRADE RATINGS FROM THREE MAJOR CREDIT AGENCIES. THE
COMPANY SAYS THE CREDIT WOES ROCKING ITS MORTGAGE LENDING BUSINESS
DON'T AFFECT FEDERALLY INSURED DEPOSITS.

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