analysis: CFC liquidity and loan quality

--In a Securities and Exchange Commission filing, the Calabasas, California-based company said it was at midyear using $93.3 billion of its $283.6 billion of short-term liquidity, leaving $190.3 billion untapped. It listed $3.8 billion of long-term debt maturing within six months. --Countrywide said liquidity included $46.2 billion of "highly reliable" short-term financing, including commercial paper that companies often use to fund day-to-day operations. --Countrywide holds $27.8 billion of option ARMs on its books, and their quality is deteriorating. (http://www.sec.gov/Archives/edgar/data/25191/000110465907015136/a07-4926_110k.htm#ConsolidatedBalanceSheets_125115 see the 'risk management section') Payments were 30 days or more overdue on 5.7% of them as of June 30, compared with 1.6% a year earlier http://www.sec.gov/Archives/edgar/data/25191/000095013407016851/v32591exv99w1.htm