Countrywide sucks credit facility dry

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.

"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

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.

Countrywide draws down credit line to fund its business