Countrywide loses $422M amid mortgage meltdown

CALABASAS, Calif. (AP) — Countrywide Financial (CFC), the nation’s largest mortgage lender, said Tuesday that it posted a loss in the fourth quarter because of rising loss provisions and impairment charges.

Countrywide lost $422 million, or 79 cents a share, during the fourth quarter, compared with earnings of $622 million, or $1.01 a share, during the same period the previous year.

Analysts polled by Thomson Financial, on average, forecast a loss of 30 cents A share for the quarter.

Countrywide on Oct. 26 projected a fourth-quarter profit of 25 cents to 75 cents a share. It had not updated that forecast even as the housing market deteriorated. The company’s $1.2 billion third-quarter loss had been its first quarterly loss in 25 years.

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One thought on “Countrywide loses $422M amid mortgage meltdown

  1. Unfortunately the wave of corporate bankruptcies in the US will be far exceeded by personal bankruptcy. The present regime in Washington anticipating this outcome enacted legislation in October 2005 which basically prevents one from going bankrupt. Most claims are not extinguished by bankrupcy. Sure they can stiff their friends and relatives but not the IRS, banks, credit card companies and others making anyone in this precarious position a slave for life.

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