The Epic American Credit and Bond Bubble Laboratory Message Board

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

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To: CalculatedRisk who wrote (72738)	10/24/2006 12:06:34 PM
From: ild	Read Replies (1) of 110194

Mortgage banking is getting closer to all risk no profit business: Countrywide’s mortgage banking segment saw its pre-tax earnings fall significantly to $424 million from $630 million in Q2. Production profitability fell as a result of a GOS margin compression. GOS margins fell across all segments, but the steepest declines were felt with the subprime (202 bps to 136 bps) and home equity (195 bps to 127 bps) segments. Competitive pricing and the widening of credit spreads hurt margins in the quarter.

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