Thursday, August 16, 2007

Countrywide draws down $11.5 billion credit line

So CFC plays poker. It draws on a line that is unsecured, and 70% of it is over 4 years. They will now fund their loans from CFC's bank, and do loans entirely through their bank come September.

Now the banks are on the hook for another $11.5, have a little more skin in the game. Do you think these banks will bellyache a little louder to the Federal Reserve?

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