Countrywide posts $893 million first-quarter loss

[Amerigo Vespucci]

Source: Market Watch

NEW YORK (MarketWatch) -- Troubled mortgage lender Countrywide Financial Corp. continued to hemorrhage money in a toughening housing climate, reporting Tuesday that it lost $893 million in the first quarter compared to a profit of $434 million during the same period last year.

Countrywide also said it would increase its residential loan loss provision to $1.5 billion as it struggled to get a handle on rising delinquencies and plummeting home values. Charge-offs for the nation's largest lender climbed to $606 million from $39 million.

The Calabasas, California-based lender lost $1.60 per share for the quarter, compared to a profit of 72 cents a share a year earlier. A poll of analysts conducted by Thomson Reuters had expected to see earnings of 2 cents per share.

The company reported revenue of $679 million, a vast reduction from the profit of $2.4 billion it enjoyed during the same period last year.

Read more: http://www.marketwatch.com/news/story/countrywide-posts-hefty-893-million/story.aspx

[mike_c]

1. I weep for them....

Not.

[skoalyman]

2. they should be on Ripley's believe it or not

:evilgrin:

[KansDem]

3. I've often wondered...

How can you lose so much money, yet continue to pull-in multi-million dollar salaries?

It's beyond my comprehension...:shrug:

[MilesColtrane]

4. And Bank of America is buying them because.....?

[skoalyman]

5. Because they want to be in Ripley's believe it or not record book lol

:shrug: