Countrywide Pullback: Good for Thornburg Mortgage

Posted by Tim

August 16, 2007

Countrywide Taps Credit Facility - WSJ.com
Countrywide also said it will all but stop issuing loans that don’t comply with standards set by government-sponsored entities Fannie Mae and Freddie Mac, joining a growing number of lenders in a retreat that will further tighten the availability of loans. The steps are necessary, because investors aren’t buying loans that aren’t backed by those entities.

I told myself not to post about Thornburg Mortgage again until close of business on Friday. I wanted to put up a review of the week’s actions.

When I saw this in the WSJ.com I wanted to note if Countrywide is only taking conforming mortgages, it will help Thornburg, which retains the loans it originates and can be more flexible than Fannie and Freddie.