WASHINGTON - The Federal National Mortgage Association and Countrywide Credit Industries said they had agreed to finance $8 billion of new mortgages.
Fannie Mae said it is the largest such agreement it has made with a lender.
Pasadena, Calif.-based Countrywide will originate the loans and exchange them for mortgage-backed securities issued by Fannie Mae. Most of the loans are to be written in the next 12 months.
Countrywide has said it plans to originate $30 billion of mortgages in its current fiscal year, up 150% from the previous year.
