Industry News

Countrywide profits fall 33%

Rising loan delinquencies force company to make $388 million write-down
Published on Jul 24, 2007

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by CareyBot

Countrywide Financial Corp. said second-quarter earnings fell 33 percent from last year to $485 million, in part because rising delinquencies forced the company to write down by $388 million the value of securities backed by prime home-equity loans. “During the ...