The news last week that Countrywide Home Loans had arranged an $11.5 billion loan to stabilize their position in the lending maket made a lot of folks nervous. What did it mean?
To bolster consumer confidence this morning's edition of the San Francisco Chronicle carried a full page ad from the head of Countrywide Bank assuring that mortgage related issues didn't impact the safety of deposits at Countrywide Bank. In fact, they were pitching a new 12 month CD.
Countrywide's strategy is to fund nearly all of their loans through their bank by the end of September. That should help them through the uncertainity of the moment as the mortgage industry seeks stability.
Already the major lenders who are backed by banking institutions, have made it clear that good credit scores will still be able to obtain good loans.
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