Countrywide Corp. loses $893 million
LOS ANGELES — Countrywide Financial Corp. said that it lost $893 million in the first quarter, as rising loan defaults amid a deepening housing downturn forced the nation's largest mortgage lender and servicer to sharply increase its provision for loan losses and book other credit-related charges.
The latest results marked the third consecutive quarterly loss for Countrywide. The company, based in Calabasas, Calif., which agreed in January to sell itself to Bank of America Corp. for about $4 billion in stock, did not conduct an earnings conference call with analysts, citing the proposed sale.
The company said Tuesday that its loss amounted to $1.60 per share for the quarter ended March 31. A year earlier, it earned $434 million, or 72 cents per share.
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Hey that's just pocket change. Economy turning around and rocketing...
Only a Flesh Wound | May 1, 2008 at 2:15 a.m.
