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Countrywide to Loan to Those With D Credit

January 08, 1998|Bloomberg News

Countrywide Home Loans said it widened its lending to include home buyers with the lowest credit ratings as the company tries to serve as many borrowers as possible. The largest independent mortgage lender in the U.S. said its Full Spectrum Lending division will begin lending money to borrowers with D credit, those in bankruptcy or foreclosure. It already lends to borrowers with B and C credit. A is the strongest credit rating. Mortgage lenders that traditionally make loans to the most credit-worthy borrowers are moving down the credit-quality scale, lending to customers they once turned away. Calabasas-based Countrywide started lending to borrowers who have trouble securing credit through traditional means in 1995. Countrywide shares fell 31 cents to close at $43.44 on the NYSE.

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