Countrywide Continues to Bail Water

Countrywide continues to tighten its lending guidelines as investors stay away from its securitized loan offerings on the secondary market. In fact, the majority of Countrywide fundings have been financed by the Federal Home Loan Bank - causing Senator Schumer to call for an investigation in to the transactions. In an effort to improve the saleability of their loans and to increase the quality of loans originated Countrywide is making wholesale changes to its lending guidelines. Of particular interest are the elimination of the No Income No Asset (NINA) loans and the No ratio products for both Alt-A and Jumbo loan products. From the Company to brokers: Due to Agency guideline revisions, CAWL is implementing the following changes effective midnight (pst) Monday, December 10, 2007. &a