Countrywide said to eye another bailout

NEW YORK (CNNMoney.com) -- Troubled mortgage lender Countrywide Financial is putting together its second multi-billion dollar bailout plan in less than a month as it continues to face a cash crunch, according to a report published Tuesday.

Countrywide (down $0.57 to $16.64, Charts, Fortune 500) shares slipped nearly 5 percent in pre-market trading.

"Countrywide is in desperate need of cash right now to continue funding mortgages and the credit markets are still largely closed to them," one source told the New York Post.

Citing sources familiar with the matter, the Post reported that Countrywide was looking at creating a strategic investment similar to the deal it struck in August with Bank of America.

Last month, Bank of America provided $2 billion in financing to Countrywide in exchange for a stake in the company.

So far, JPMorgan Chase (Charts, Fortune 500), Citigroup (Charts, Fortune 500) as well as several hedge funds have expressed interest in assisting Countrywide, according to the paper.

Sources told the Post a deal could be reached by the end of the month.

The report is the latest woe for Countrywide. Last week, the company announced it planned to slash as many as 12,000 jobs over the next three months. And Monday, two of its largest shareholders revealed in a regulatory filing they cut their stakes in the mortgage lender.