Countrywide Financial Corp., Calabasas, Calif., has completely abandoned using commercial paper borrowings to fund its operations and is relying instead on hefty advances from the Federal Home Loan Bank System, according to its fourth-quarter earnings release. A year ago, Countrywide had $7.7 billion in outstanding asset-backed commercial paper and another $6.7 billion in unsecured CP, for a total of $14.4 billion. It now has zero in those categories, according to its earnings statement. At Dec. 31, 2007, it had $47 billion in outstanding advances from the FHLBank system, an increase of 69% in 12 months. The company can be found on the Web at http://www.countrywide.com.
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