Countrywide Financial Corp. (CFC) Posts Huge Loss
Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell behind on mortgage payments. The earnings fell well short of Wall Street estimates.
The Calabasas, Calif.-based company lost $422 million, or 79 cents per share, during the fourth quarter, compared with earnings of $622 million, or $1.01 per share, during the same period the previous year.
Analysts polled by Thomson Financial, on average, forecast a loss of 30 cents per share for the quarter.
The Calabasas, Calif.-based company lost $422 million, or 79 cents per share, during the fourth quarter, compared with earnings of $622 million, or $1.01 per share, during the same period the previous year.
Analysts polled by Thomson Financial, on average, forecast a loss of 30 cents per share for the quarter.
Labels: CFC, Countrywide Financial Corp.
posted by Stock Administrator @ 2:22 PM
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