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Countrywide's credit default swaps tighten 63 bps

NEW YORK
Tue Aug 21, 2007 9:30am EDT
A house for sale is pictured in the Green Valley Ranch development in Denver, Colorado July 26, 2007. Countrywide Financial Corp has sought to reassure customers it is safe to do business with the company, while media reports said the largest U.S. mortgage lender cut 500 jobs to help cope with a credit crunch. REUTERS/Rick Wilking

NEW YORK (Reuters) - The cost to insure the debt of Countrywide Financial Corp. CFC.N unit Countrywide Home Loans fell on Tuesday after The Wall Street Journal reported that some investors are speculating billionaire investor Warren Buffett may buy parts of Countrywide Financial.

Bonds

Credit default swap spreads on Countrywide Home Loans narrowed to about 397 basis points, down from about 460 basis points on Monday, according to data from CMA DataVision.

Citing unnamed investors, the Journal reported that Countrywide's debt-servicing business and its portfolio of mortgages and mortgage-backed securities may be attractive to Buffett.
Bonds


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