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Countrywide Financial (NYSE: CFC) logoHere's a shock: Countrywide Financial Corp. (NYSE: CFC) is deep in the red. The beleaguered mortgage company lost a whopping $1.2 billion, or $2.85 per share, in the quarter compared with earnings of $647.6 million, or $1.03 per share. It was its first quarterly loss in 25 years.

But wait, the news isn't all bad, according to the company.

"We view the third quarter of 2007 as an earnings trough, and anticipate that the Company will be profitable in the fourth quarter and in 2008," President and Chief Operating Officer David Sambol said in the earnings release. "Over the longer term, we believe that prospects for the U.S. housing and mortgage markets, as well as for Countrywide, remain very attractive."

Chief Executive Angelo Mozilo goes even further, saying, "...during the period we also laid the foundation for a return to profitability in the fourth quarter..... We believe the steps which we have taken position the Company with the necessary capital and liquidity for our operating and growth needs, and will allow us to benefit from opportunities that result from industry consolidation."

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Countrywide Financial loses $1.2 billion originally appeared on BloggingStocks on Fri, 26 Oct 2007 08:51:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>angelo moziloAngeloMozilocfcinthenewsmortgage lendersMortgageLenderssubprime mortgagesSubprimeMortgagesFri, 26 Oct 2007 08:51:00 EST<![CDATA[Democrats blast Fed over subprime crisis]]>http://www.bloggingstocks.com/2007/03/22/democrats-blast-fed-over-suprime-crisis/http://www.bloggingstocks.com/2007/03/22/democrats-blast-fed-over-suprime-crisis/http://www.bloggingstocks.com/2007/03/22/democrats-blast-fed-over-suprime-crisis/#commentsFiled under: , , , , , , ,

The Federal Reserve today admitted that it could have done more to avert the meltdown among subprime lenders. I guess 20-20 hindsight is everything.

Senate Banking Chairman Chris Dodd, D-CT, pressed the Fed to take a harder line at a hearing in Washington today, according to Bloomberg News.

"Regulators were supposed to be the cops on the beat, protecting hard-working Americans from unscrupulous financial actors," said Dodd, a candidate for president. "Yet they were spectators for far too long.''

An executive from Countrywide Financial Corp. (NYSE:CFC) urged Congress to "be careful about an overcorrection" that would cut access to credit for people with bad credit histories, Bloomberg said.

Fat chance of that happening.

Life is going to get much harder for subprime lenders. They have managed to unite the Democrats and Republicans against them, no small feat in the current political climate.

Interestingly, New Century Financial Inc. (NYSE:NEW) was a no-show at Dodd's hearing.

Delinquency rates on subprime mortgages are their highest levels since September 2002 and foreclosure rates are their highest levels since 2004,

Guess what? Subprime loans are not the only shaky loans out there.

You don't want to be around when that other shoe drops.

Democrats blast Fed over subprime crisis originally appeared on BloggingStocks on Thu, 22 Mar 2007 18:33:00 EST. Please see our terms for use of feeds.

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