Mortgage Lender Countrywide Gets Bailout Mortgage lender Countrywide Financial has arranged up $12 billion in extra funding from banks, boosting its beleaguered stock. The lender is hurt by a protracted housing slump and said last week it will lay off 20 percent of its workforce.
NPR logo

Mortgage Lender Countrywide Gets Bailout

  • Download
  • <iframe src="https://www.npr.org/player/embed/14412368/14412341" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Mortgage Lender Countrywide Gets Bailout

Mortgage Lender Countrywide Gets Bailout

Mortgage Lender Countrywide Gets Bailout

  • Download
  • <iframe src="https://www.npr.org/player/embed/14412368/14412341" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Mortgage lender Countrywide Financial has arranged up $12 billion in extra funding from banks, boosting its beleaguered stock. The lender is hurt by a protracted housing slump and said last week it will lay off 20 percent of its workforce.

RENEE MONTAGNE, host:

Our business news starts with another bailout for the largest U.S. home lender.

Countrywide has lined up $12 billion in extra funding from its banks. That sent its beleaguered stock up yesterday. In response to the crisis in the mortgage market, Countrywide sold a chunk of itself to the Bank of America last month. The lender is hurting from the protracted housing slump that's keeping buyers out of the market. Yesterday, Countrywide said it issued 17 percent fewer home loans from last year. And last week it said it would lay off 20 percent of its workforce.

Copyright © 2007 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.