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Countrywide Financial (CFC) reported on its Q1 2007 earnings this morning. Those results were off $0.05 from estimates. CFC is off about 1.5% as of this post. :
"Countrywide’s earnings for the first quarter of 2007 were $434 million, despite adverse subprime and housing market conditions," said Angelo R. Mozilo, Chairman and Chief Executive Officer. "While the Company’s core operations delivered what was otherwise a strong quarter, earnings were impacted by charges relating to our subprime activities as well as increases to our loss reserves and related asset valuation adjustments stemming from higher delinquencies and softer housing markets."
From TheStreet.com:
The nation’s largest mortgage lender saw first-quarter earnings slip to $434 million, or 72 cents a share, from $684 million, or $1.10 a share, during the same period last year. Countrywide also saw net revenue drop to $2.41 billion from $2.84 billion a year ago.
You can read more here, here and here.
Last 3 posts by Morgan
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