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Rumors Crush Countrywide

Stock quotes in this article: CFC , BAC , BSC , MS , MER , C , JPM , LEH , FNM , FRE  

Updated from 1:49 p.m. EST

Countrywide Financial's(CFC Quote) shares plummeted to new lows Tuesday amid rumors -- later denied -- that the mortgage lender could be nearing a bankruptcy filing.

The beleaguered company's stock closed down 28.3% to $5.43, a new 52-week low. Shares dipped as much as 34% to $5.05 in Tuesday trading -- even after a brief trading halt on the New York Stock Exchange and the company issued a statement denying the rumors Tuesday afternoon -- challenging the notion that the nation's largest mortgage lender is too big to fail.

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