Countrywide profits fall 33%
Rising loan delinquencies force company to make $388 million write-down
By Inman News, Monday, July 23, 2007.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 quarter, softening home prices continued to affect many areas of the country, and delinquencies and defaults continued to rise across all mortgage product categories as a result," Chief Executive Officer Angelo R. more...
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