Apr 29 2008 9:20AM | Permalink | Email this | Comments (0) |
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I’m anything but a panic pusher, but when one of the largest mortgage lenders in the nation posts a nearly $900 million loss (yikes!) you pay attention.

Countrywide Financial Corp. reported the $900 million loss earlier this morning. Higher-than-expected housing-related credit losses no doubt plagued the bottom line. And this isn’t the first bad news we’ve heard out of Countrywide--in the previous two quarters the company admitted big losses due to the housing markets’ collapse, mortgage defaults and the credit crunch.

Company officials did not issue any statement on the results and a call placed to their offices was not returned as of blog time. According to a story I came across on CNN Money, Countrywide would not hold a conference call to discuss the results due to the  pending merger with Bank of America, which announced a plan in January to buy the firm in an all-stock deal worth about $4 billion.