Jan 9, 2008

Charles Schumer on Countrywide's borrowing from the Atlanta FHLB

Countrywide is treating the Federal Home Loan Bank system like its personal ATM.

~ Senator Charles Schumer, as written in a press release, "Countrywide BorrowingTriggers Call for Review," The Wall Street Journal, November 27, 2007, by James R. Hagerty

(As of Sept. 30, Countrywide Financial owed the Atlanta bank $51.1 billion, 77% more than the $28.8 billion it owed three months earlier. Although it is based in Calabasas, Calif., Countrywide deals with the Atlanta home-loan bank because Countrywide owns a savings bank based in Alexandria, Va., part of the Atlanta bank's territory.)

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