Does Countrywide Financial need more support?

Three weeks after Countrywide received what its chief executive called a  vote of confidence in the form of a $2 billion investment by Bank of America, its shares continue to slide and questions about its viability persist.

The New York Post reports that Countrywide, the nation's biggest mortgage lender, has been seeking another big strategic investor.

Countrywide has been working with Goldman Sachs and the law firm Wachtell, Lipton, Rosen & Katz to structure a deal similar to that of Bank of America's, the Post said, citing unidentified sources. Potential investors could include J.P. Morgan, Citigroup, and several hedge funds.

In the deal announced last month, Bank of America agreed to buy preferred shares with an annual interest rate of 7.2 percent that can be converted into common stock at $18 per share.

Despite that show of support, however, shares of Countrywide have fallen 22 percent since then. On Friday, Countrywide said it was cutting 12,000 jobs, or about 20 percent of its workforce, to reduce costs.