Countrywide Forming Unit to Review Processes

Countrywide Financial Corp. Calabasas, Calif., is creating a new 15-person unit in Calabasas to review the entire company's processes from top to bottom, one mortgage executive familiar with the matter has told MortgageWire.The executive, requesting anonymity, said: "They are going to review everything." He added that, "All businesses will be looked at to see if they are doing things the right way." At deadline time, a company spokeswoman had not returned telephone calls about the matter. According to the Quarterly Data Report, Countrywide is the nation's largest 'A' paper lender and the third-largest subprime funder.