Trouble Times Still Plague Countrywide as it Posts $893 Million in Losses
Calabasas, California-based mortgage lender Countrywide Financial announced today that it lost $893 million during the first quarter due to a sharp increase in its provision for loan losses.
The company says it lost $893 million, or $1.60 per share, during the first quarter. Countrywide has said it earned $434 million, or 72 cents per share, during the year-ago period.
Countrywide says it set aside $1.5 billion to cover loan losses. Charge-offs -- loans written off as not being repaid -- totaled $606 million during the first quarter.
Published on April 29, 2008
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