Industry NewsMortgage

Countrywide’s third quarter in the red

Losses mount, but loan production rises 6%
Published on Apr 29, 2008

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by CareyBot

Countrywide Financial Corp. boosted loan production in the first three months of the year but reported an $893 million net loss for the first quarter as charge-offs climbed and the company boosted loss provisions.

The Calabasas, Calif.-based lender earned $434 million in the same quarter a year ago, but has been in the red since posting a $1.2 billion net loss in the third quarter and a $422 million net loss in the fourth quarter of 2007.

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