Countrywide Credit Industries' president and co-founder, David S. Loeb, has sold most of his shares, compounding market perception that the home lender is in for tough sledding.

According to First Call/Thomson Financial, Mr. Loeb sold 181,500 shares July 27 at $38.89 and 818,500 the next day at $37.63. He still holds 191,361 shares.

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