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First Chicago is in the market with a $700 million increase of Countrywide Mortgage Investments Inc.'s $800 million secured mortgage warehouse facility, market sources said last week.
The syndicate for the existing facility consists of U.S. club mortgage banking lenders. The decision to tap highly rated banks for an increase was spawned by Countrywide's recent ratings boost to Baa2/A1, which makes the credit palatable to a broader spectrum of domestic lenders and foreign banks, sources said.
The deal is emblematic of a...