Countrywide

Countrywide Draws On Credit Line
Countrywide Financial Corp. drew down an entire $11.5 billion line of credit to boost its cash position and said it would shift its mortgage lending business into its bank unit, moves that acknowledge the sharp funding pressure on the largest U.S. mortgage lender.
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FED rate changes have reduced lending costs for overnight loans to banks. This helps banks, not all lenders. This move by Countrywide will allow them to have access to loans like other banks. This is a smart move by Countrywide. Loan originators who can't do this will continue to be squeezed.

CFC 21.43 +2.48. This may be a several week bounce to 25 and 29, with volatility.