PASADENA, Calif. — Full Spectrum Lending Inc., the subprime lending subsidiary of Countrywide Credit Industries Inc., announced a loan program on Thursday that offers no-down-payment mortgages to people with less-than-perfect credit.

Subprime borrowers can finance 100% of a home’s value up to $500,000 through a combination of first- and second-lien fixed-rate mortgages, the company said.

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