An industry analyst has downgraded both Countrywide Credit Industries and North American Mortgage Co. on the basis of mortgage market conditions.

Steven Eisman of Oppenheimer & Co., New York, said the recent rise in interest rates and the commodity nature of mortgage banking could cause a price war that would affect the companies.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.