Countrywide Financial, which has seen its stock hammered over the latest slate of bad mortgage industry news during the past week, issued a press statement yesterday seeking to reassure investors over its own financial stability and future. From the press statement:

Consistent with the commentary provided in connection with the Company’s third quarter 2007 earnings conference call held on October 26, management continues to believe that Countrywide has ample liquidity and capital and will be a beneficiary of ongoing mortgage market consolidation. The Company disclosed that it had $35.4 billion in highly reliable liquidity available at October 31, 2007, up from $33.6 billion available at September, 2007. Countrywide Bank, the Company’s primary operating entity, has sufficient liquidity available to meet its projected operating and growth needs and has accumulated significant contingent liquidity in response to evolving market conditions. Countrywide Home Loans is expected to service debt maturities beyond 2008 without additional debt issuance. In addition, the Company reiterated that it has excess regulatory and credit-rating agency capital. It is noteworthy that Moody’s Investors Services [sic] yesterday confirmed Countrywide’s investment grade credit ratings. The Company and its subsidiaries also enjoy investment grade ratings from the other major credit rating agencies, Standard & Poor’s and Fitch Ratings.

Countrywide also has the ability to tap FHLB loans and increase deposits; however, a possible decline in mortgage purchase activity by the government-sponsored enterprises will likely reduce Countrywide’s ability to originate loans. S&P on Wednesday lowered its 2007 and 2008 EPS estimates by 39 cents and 42 cents, to a loss of $1.54 and EPS of $1.60, and reduced its target price by $6 to $11.