Timothy Wennes

Posted on
Countrywide Financial Goes into Damage Control

Countrywide Financial is running full-page ads in The New York Times and other newspapers across the nation to assure their customers that it is safe to continue to deposit money and maintain accounts at the 105 Countrywide Bank locations throughout the country. The ads come on the heels of a turbulent week for the Calabasas, Calif.-based company. As bankruptcy rumors for the lender swirled last week, the nation's largest mortgage lender turned to 40 banks, borrowing $11.5 billion to shore up cash. More

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