Countrywide loss; says worst over
Countrywide Financial Corp. lost $1.2billion in the third quarter as its mortgage business took a huge hit from the credit crisis and home sales slump, the company said Friday. Gregory J. Wilcox in the Daily News.
It was the first quarterly loss in 25 years for Calabasas-based Countrywide - and the company claimed the last by predicting it would return to profitability in the fourth quarter and next year.
The optimistic forecast sent the company's stock price soaring 32.3percent, to $17.30, after hitting a 52-week low Thursday. The share price is 64percent under the 52-week high of $45.26.
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Los Angeles Daily News City Hall reporter Rick Orlov writes about politics on the local, state and national stage.
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