A1 Countrywide Financial Corp , the U.S. national mortgage provider.
Bloomberg Reported ( Friday August 10)
Countrywide contributed to a global stock selloff when it said last night that ``unprecedented disruptions'' in financial markets may make it harder for the company to sell loans and get credit. Mozilo said today that markets for mortgage bonds that don't carry guarantees from entities such as Fannie Mae or Freddie Mac, as well as related loans, had ``seized up.''
``Everything became subprime. No matter what they're talking about, it's a subprime issue,'' he said.
Sales of non-agency mortgage bonds -- those that lack an implied government guarantee -- have come to a standstill. They include subprime loans that were made to people with poor credit records, and mortgages for people with good credit whose terms don't conform to those demanded by Fannie Mae and Freddie Mac. The market also includes ``jumbo'' loans that exceed $417,000.
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