Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (20484)	10/22/2004 11:24:14 AM
From: russwinter	Read Replies (1) \| Respond to of 110194

Countrywide Financial reported that third quarter earnings per share were less than half the amount as last year. The company also fell short of Wall Street estimates by about 7%. Analysts didn’t expect the company to increase earnings during the third quarter since last year the company posted a 343% earnings increase on the heals of the record refinance activity that occurred in 2003. The conference call yielded several interesting statistics for those keeping tabs on the housing and mortgage market. Adjustable rate mortgages comprised 61% of its total volume. Twenty-one percent of their volume during the quarter was for interest only loans. In California, 36% of volume was in interest only and 13% in the Pay Option ARM (this can be a negatively amortizing loan).