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.

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