Countrywide Waves Off Call for Probe

The news is troublesome because Fannie and Freddie, known as government-sponsored entities, or GSEs, are some of the largest purchasers of residential mortgage loans. The need for the GSEs to purchase mortgage loans is especially important these days, as the market for mortgage-backed securities remains for the most part frozen.

Countrywide said in a statement last week that as of Oct. 31 it had $35.4 billion worth of "highly reliable liquidity," up from $33.6 billion in September. Countrywide Bank also has enough liquidity available "to meet its projecting operating and growth needs" and has significant contingent liquidity to meet evolving market conditions, it said.

Bigelow on Tuesday reiterated the problems experienced by GSEs will not have a "material" impact on its ability to fund loans.

Countrywide shares rose 36 cents, or 4.2%, to $9.