Following up on its recent announcement that it would purchase a depository (MBSL 6/19/00), Countrywide Credit Industries is acquiring a small national bank in Washington, D.C. and has applied to the Federal Reserve Board to become a financial holding company.

Among other goals, having a business arm that is a depository would allow Countrywide to access the Federal Home Loan Banks' Mortgage Partnership Finance (MPF) program, which offers excellent execution for Federal Housing Administration loans.

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