The headline on the front page of marketwatch.com seemed innocuous enough 'countrywide taps credit facility.' However after reading the article I think my heading is more appropriate.
Highlighted in bold is the main point for me. The entire facility. So they are giving it more than just a tap. Click on the link below for the full article."For many years, Countrywide's liquidity management framework has focused on maintaining a diverse, multi-layered assortment of financing alternatives," President David Sambol said in a press release."A primary component of this framework is a committed, unsecured credit facility of $11.5 billion provided by a syndicate of 40 of the world's largest banks. In response to widely-reported market conditions, Countrywide has elected to draw upon this entire facility to supplement its funding liquidity position," he said
Countrywide draws down credit line to fund its business
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