Countrywide Stock Falls to Lowest Level Since 2000

Shares of the mortgage giant, Countrywide Financial Corp., fell as low as $5.76 today. That’s the lowest price Countrywide shares have commanded since 2000. Countrywide was hit pretty hard by the subprime mess; being the largest mortgage lender in the United States, many of their most profitable programs were the more risky types that aren’t being offered anymore. Now they’ve got a Goliath of a company that needs to be fed on much less revenue.

It’s a tough situation to be in, and its got investors worried that Countrywide may be in desperate need of some major funding if it wants to keep its head above water. According to Egan-Jones, an independent rating company, “Countrywide is severely challenged and might falter if it does not receive an infusion of at least $4 billion in the next couple of weeks.”

Here’s what Countrywide’s stock has done over the last year…not a very positive sight:

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