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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (366986)	4/29/2008 8:40:40 AM
From: ldo79	Read Replies (2) \| Respond to of 436258

AP Countrywide loses $893 million in 1Q on rising loss reserve Tuesday April 29, 8:28 am ET Countrywide posts 1st-qtr loss of $893 million as it takes $1.5 billion loan-loss provision CALABASAS, Calif. (AP) -- Countrywide Financial says it lost $893 million during the first quarter due to a sharp increase in its provision for loan losses. The Calabasas, Calif.-based mortgage lender 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. Thomson Financial says analysts expected Countrywide Financial Corp. to earn 2 cents per share. 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. In January, Countrywide agreed to sell itself to Bank of America for about $4 billion in stock.