Amid new revelations of liquidity problems this week at major mortgage operations, including American Home and C-BASS, Countrywide has gone on the offensive -- and said in a statement today that its liquidity and financial condition is strong:
"Countrywide has longstanding and time-tested funding liquidity contingency planning," said Eric P. Sieracki, Chief Financial Officer ... "Our mortgage company has significant short-term funding liquidity cushions and is supplemented by the ample liquidity sources of our bank," Sieracki continued. "In fact, we have almost $50 billion of highly-reliable short-term funding liquidity available as a cushion today. It is important to note that the Company has experienced no disruption in financing its ongoing daily operations, including placement of commercial paper.
Countrywide's shares, which had dropped 1.65 percent during regular trading, had risen $0.44 to $27.21 in after hours trading as of the time this post was published.