S&L request: Countrywide Financial Corp.S&L Request: Countrywide Financial Countrywide Financial Corporation (NYSE: CFC) is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. Corp. notified regulators of its plans to apply for a federal savings bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks charter--which would change the mortgage lender into a savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. . Analysts see the move by Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. , which is the nation's largest mortgage lender, as an effort to lessen the burden put on the company by federal regulators. The move would also save the Calabasas-based company money as it would be regulated by one federal entity instead of two. In order to be considered a savings and loan, a lender has to have 85 percent or more of its lending operations tied to residential real estate, a requirement Countrywide meets. |
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