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Old 10-26-2007, 02:54 PM   #1
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Default Countrywide projects return to profit

Reuters - Countrywide Financial Corp posted a $1.2 billion third-quarter loss on Friday, but its shares soared after the largest U.S. mortgage lender said it expected to be profitable this quarter and in 2008, and had weathered the worst of the nationwide housing downturn.



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Old 10-26-2007, 07:44 PM   #2
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Wink

Gonna be kinda hard to make a profit when ya losin' money...

US mortgage firm sees $1.2bn loss
Friday, 26 October 2007, Countrywide has recently readjusted the terms of mortgages
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US mortgage giant Countrywide Financial has reported $1.2bn (584m) in losses during the third quarter. The loss, the first for the firm in 25 years, comes after profits of $647.6m a year earlier. The latest quarter included $2.9bn in credit losses.

But the firm said it was through the worst of the slowdown that has dogged the US housing sector and expected to make a profit in the fourth quarter.

The improved outlook sent shares surging nearly 25% higher. "We view the third quarter as an earnings trough, and anticipate that the company will be profitable in the fourth quarter and in 2008," said David Sambol. Countrywide's chief operating officer.

'Trough' BBC NEWS | Business | US mortgage firm sees $1.2bn loss
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Old 11-13-2007, 03:26 AM   #3
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Red face

More problems for Countrywide...

Countrywide: downgrade could be crushing
November 12 2007: Mortgage lender says that a credit downgrade would severely impact its ability to raise money.
Quote:
Countrywide's ability to raise money and increase deposits in its banking subsidiary could be hampered if its credit ratings were downgraded below investment grade, the mortgage lender said in a regulatory filing. Countrywide, the nation's largest mortgage lender, said further reductions to its credit ratings would severely limit its ability to access public debt markets, according to a quarterly report filed late Friday with the Securities and Exchange Commission.

In addition, as much as $5.5 billion in deposits at Countrywide Bank could be "subject to placement with another bank" if its ratings were cut further, the company said. As of Nov. 7, the three major credit agencies - Standard & Poor's, Moody's Investors Service and Fitch Ratings - had placed the company on some form of negative outlook, according to the filing.

The company said it took steps to boost its access to funds, including $9.2 billion in cash by the end of the third quarter. Calabasas, Calif.-based Countrywide issued the latest disclosures as part of an expanded account of third-quarter financial results. Last month, the company reported a loss of $1.2 billion during the quarter ended Sept. 30 - its first quarterly loss in 25 years.

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Old 11-16-2007, 12:56 AM   #4
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Hi,

Thanks for the information.
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