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COUNTRYSLIDE - Mortgage lender's shares plunge; Seeks 2nd bailout
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Topic: COUNTRYSLIDE - Mortgage lender's shares plunge; Seeks 2nd bailout (Read 588 times)
Spectre
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COUNTRYSLIDE - Mortgage lender's shares plunge; Seeks 2nd bailout
«
on:
September 11, 2007, 06:52:11 AM »
COUNTRYSLIDE - Mortgage lender's shares plunge; Seeks 2nd bailout
By ZACHERY KOUWE
Tuesday, September 11, 2007
Last Update: 08:35 AM EDT
September 11, 2007 -- Countrywide Financial Corp. is putting together another multi-billion dollar bailout plan as the nation's largest home lender continues to struggle amid the global credit crunch and declines in the housing market, The Post has learned.
Sources familiar with Countrywide's plans said the lender continues to work with Goldman Sachs and law firm Wachtell Lipton Rosen & Katz to structure another strategic investment similar to the deal Bank of America struck last month.
It's unclear at this point who exactly is involved in the investment, but sources said a group that could include J.P. Morgan and Citigroup as well as several hedge funds has expressed interest in Countrywide.
A final deal could be announced by the end of the month, sources said...
More...
http://www.nypost.com/seven/09112007/business/countryslide.htm
(also from Bloomberg:
http://www.bloomberg.com/apps/news?pid=20601087&sid=afnxbVXg0xH8&refer=home
)
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