Do you think Country Wide is a bank or a depository institution? It owns one but it is not one. It does not take in deposits but funds its mortgage business with equity and debt.
"Countrywide Financial Corporation is a holding company that, through its subsidiaries, is engaged primarily in the residential mortgage banking business, as well as in other financial services that are in large part related to the residential mortgage market. Primarily through its principal subsidiary, Countrywide Home Loans, Inc. (CHL), Countrywide is engaged in the residential mortgage banking business, which entails the origination, purchase, sale and servicing of residential mortgage loans. The Company offers property and casualty insurance, as well as life and disability insurance, both as an underwriter and as an independent agent. Through its banking segment, it operates a nationally chartered bank that primarily invests in residential mortgage loans and prime home equity lines of credit sourced through its mortgage banking operation. Through its global segment, it offers residential mortgage loan application processing and servicing in the United Kingdom." |
