Mortgage Lender Posts $422 Million Loss
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The huge loss for Countrywide Financial Corporation was not expected to hinder its $4.1 billion takeover by the Bank of America.
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H&R Block Inc. , the largest U.S. tax preparer, posted a fourth-quarter loss on Thursday, as the deterioration of the U.S. subprime market hurt the value of its mortgage business.
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Student lending company Sallie Mae posted a fourth-quarter loss on Wednesday, citing higher provisions for loan losses due to the weakening credit markets.
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Countrywide Financial Corp  posted a $1.2 billion third-quarter loss on Friday, but its shares soared after the largest U.S. mortgage lender forecast a return to profit this quarter and said it has weathered the worst of the nationwide housing downturn.
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H&R Block Inc. , the largest U.S. tax preparer, on Thursday posted a fourth-quarter loss on the depressed value of a mortgage unit slammed by deterioration in the U.S. subprime market.
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The discount brokerage posted a larger-than-expected quarterly loss after a $2.2 billion charge related to the sale of its asset-backed securities portfolio.
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The largest U.S. mortgage lender said quarterly profit slid 33 percent and slashed its full-year earnings outlook, citing rising defaults as the housing market slumps.
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KB Home , a leading U.S. home builder, posted a quarterly net loss on Tuesday as it took $343.3 million of pretax charges for abandoning land option contracts and writing down the value of inventory, a consequence of the U.S. housing market downturn.
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The embattled student lending giant said that it lost $1.6 billion in its fourth quarter as it prepared for a jump in student loan defaults.
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Countrywide Financial Corp  posted a $1.2 billion third-quarter loss on Friday, but its shares climbed after the largest U.S. mortgage lender said it expected to be profitable in the fourth quarter and in 2008, and has weathered the worst of the nationwide housing downturn.
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Bank of America reported quarterly results Tuesday that fell short of Wall Street expectations, hurt by a mortgage-related writedown worth more than $5 billion.
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Countrywide Financial Corp, the mortgage lender that agreed this month to be acquired by Bank of America Corp, posted a larger-than-expected $421.9 million quarterly loss on Tuesday, as more homeowners fell behind on payments.
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Shares of subprime lender tumble after margin calls.
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Capital One Financial Corp,  a credit card issuer and banking company, posted a third quarter net loss, hurt by charges from shutting down its GreenPoint Mortgage business.
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Washington Mutual Inc., the country's biggest savings and loan, said Thursday it swung to a $1.87 billion loss in the fourth quarter, hurt badly by the sinking value of its mortgage portfolio.
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Countrywide Financial Corp  said on Friday the U.S. housing slump led to a $1.2 billion third-quarter loss, but the largest U.S. mortgage lender expects to return to profitability this quarter as it slashes jobs and stabilizes its operations.
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Accredited Home Lenders Holding Co. , a U.S. subprime mortgage lender, said on Tuesday it needed to raise cash after paying $190 million demanded by its lenders, sending its shares down as much as 53.5 percent to a record low.