Countrywide Financial, the biggest US mortgage lender, was on Thursday forced to use an $11.5bn credit line from 40 of the world’s largest banks, raising fears that the global liquidity crisis was worsening.

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Charis Gresser on Countrywide’s problems

Shares in Countrywide closed 11 per cent lower in New York as the company said it drew down the credit facility to boost its liquidity after the global credit squeeze curbed access to short-term financing from debt markets.