Countrywide Draws on $11.5 Billion Credit Line

Countrywide Financial Corp. drew on $11.5 billion in credit as a supplement to its funding liquidity position, the company announced. Calabasas-based Countrywide will receive the money from 40 of the world’s largest banks. Drawing on the credit line is a way for the company to address challenges in the mortgage industry and to continue to grow the franchise, said President and COO David Sambol. The company can keep 70 percent of the funds for four years or longer, while the remainder can only be kept for a year.