CFC was up big today on the news that it had received $12 billion of “additional” funding.

Here’s what their press release said exactly:

“Addressing liquidity and funding needs by accelerating our plans to migrate the funding of our mortgage originations to Countrywide Bank, and our borrowing of $11.5 billion under our lines of credit. Additionally, the Company recently arranged for $12 billion in additional secured borrowing capacity through new or existing credit facilities;”

I am sorry for doubting what “additional” means but if I was investing in CFC (which I am not) I’d want to be assured that this means that they didn’t immediately use this new funding to pay off its old funding of $11.5 billion. And that they had $12 billion of unused borrowing capacity, not $500 million.