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Countrywide rejects bankruptcy rumor

Tue Jan 8, 2008 1:10pm EST

NEW YORK, Jan 8 (Reuters) - Countrywide Financial Corp CFC.N, the largest U.S. mortgage lender, on Tuesday rejected market speculation that it was planning to file for bankruptcy protection.

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"There is no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company," Countrywide said in a statement.

Shares of the Calabasas, California-based lender were down $1.63, or 21.3 percent, at $6.01 in afternoon trading on the New York Stock Exchange, ahead of a trading halt. (Reporting by Jonathan Stempel; Editing by Leslie Gevirtz)

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