Countrywide Financial Corp. Tuesday afternoon denied rumors that the company is planning to file for bankruptcy protection. In a statement, it added: "We are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company." The bankruptcy rumor began to circulate late Tuesday morning after the firm's share price fell more than 16% to a new 52-week low, $5.76. There was no major news on the company except for a New York Times report that cited allegations that a Countrywide employee may have recreated documents tied to a consumer's bankruptcy filing in Pennsylvania. A company spokesman said Countrywide, as a policy, does not fabricate documents.
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