Countrywide problems deepen
Countrywide Financial Corp.'s financial trouble deepened Thursday, forcing the nation's biggest mortgage lender to tap an $11.5 billion credit line to fund operations. Gregory J. Wilcox in the Daily News.
Company officials issued reassurances that they were dealing with the credit crunch, and that homeowners with Countrywide mortgages would not be affected.
Still, the move sent the company's stock - and worldwide financial markets - on a roller-coaster ride that saw the Dow Jones Industrial Average plunge more than 340 points before finishing down just 15.