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by CareyBot

Countrywide Financial Corp. today reported a 28 percent decline in its second-quarter profit over the second quarter of 2004 after it sold fewer loans to investors and mortgage banking profit fell by nearly half. The company reported consolidated net earnings of $566 million, or $0.92 per share, compared to last year's second-quarter earnings of $786 million, or $1.29 per share. A group of financial analysts polled by Thomson Financial had predicted earnings of $0.99 a share. Revenue fell 7 percent to $2.31 billion, while expenses rose 15 percent to $1.37 billion. Though loan production rose 21 percent to $121.1 billion, Countrywide kept about $9 billion of loans it might otherwise have sold to help provide interest income over time. This decision cost about 15 cents per share of pro...