Countrywide Calms Investors' Bankruptcy Fears

Law360, New York (November 20, 2007, 12:00 AM EST) -- As its stocks slid Tuesday, Countrywide Financial Corp. tried with some success to reassure investors and dispel rumors that it was headed for bankruptcy.

The assurances stanched the tide of the company’s falling share somewhat. During the day, Countrywide’s stock fell as much as 22% according to the Wall Street Journal. But it rebounded by the day's end, resulting in a drop from yesterday’s closing price of $10.57 to $10.23 at the close of trading Tuesday.

After all, the company pointed out, it had $35.4 billion...
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