Countrywide Gets $12B in 'Secured' Financing

Countrywide Financial Corp., Calabasas, Calif., says it recently obtained $12 billion in additional "secured" financing through new and existing credit facilities.The company also announced that it funded $34 billion of new loans in August, a 17% decline from the level recorded in the same month last year and a 12% drop from that of July. In a new research note, Credit Suisse says, "We believe the company's recent actions to secure additional funding, as well as the migration of funding its originations through the thrift should substantially address funding concerns at the company." Countrywide can be found online at http://www.countrywide.com.