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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: zebra4o1	7/26/2005 12:47:51 PM
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Countrywide profit falls 28 pct Countrywide Financial Corp. (CFC.N: Quote, Profile, Research) , the largest U.S. mortgage lender, on Tuesday said quarterly earnings fell 28 percent after it sold fewer loans to investors and mortgage banking profit fell by nearly half. Profit and revenue fell short of analysts' forecasts, as margins on loan production tumbled amid competition from other lenders. Countrywide shares fell, though the company raised the low end of its 2005 earnings forecast. Second-quarter net income for Calabasas, California-based Countrywide fell to $566.5 million, or 92 cents per share, from $786.5 million, or $1.29, a year earlier. Revenue fell 7 percent to $2.31 billion, while expenses rose 15 percent to $1.37 billion yahoo.reuters.com

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