Countrywide Posts $1.2 Billion Quarterly Loss
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The mortgage lender cited loan-loss provisions, write-downs and dwindling origination volume in reporting the loss, but it said it will be profitable in this quarter and in 2008.
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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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Countrywide Financial Corp  shares on Thursday fell below the $18 price at which Bank of America Corp  may convert its $2 billion investment into common stock.
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- Lennar Corp., the second largest U.S. home builder, on Tuesday reported a quarterly loss, citing charges related to land values and declining demand related to the subprime-mortgage meltdown.
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Lennar, a leading home builder, said that it had a second-quarter loss as inventories of unsold homes rose.
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Countrywide Financial Corp , the mortgage lender being 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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The nationâs largest mortgage lender and loan servicer reported a $1.2 billion loss in the third quarter of 2007 but said that it expected to return to profitability by the end of the year.
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Halliburton Co., the world&#39;s No. 2 oil field services company, posted a quarterly loss today as gains in its energy business were outweighed by $230 million in charges to fund its asbestos settlement.
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Countrywide Financial Corp said on Thursday it has lined up $12 billion of financing to help weather a housing slowdown that will lead to widespread layoffs.
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WASHINGTON - Countrywide Financial Corp. , the biggest US mortgage lender, fell for the fourth straight day in New York trading after regulators began an informal investigation of stock sales by chief executive Angelo Mozilo.
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The home builder reported that it swung to a loss in the first quarter, continuing a trend of bad news in the housing market.
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The company reported a second-quarter loss after the company cut jobs to compensate for declining sales.
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VIVENDI Universal, the French media and telecommunications company, said its net loss grew to Â£1.26 billion in the second quarter.
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Countrywide Financial Corp. , the largest U.S. mortgage lender, on Monday said it has minimal exposure to nonprime mortgages, but may still experience fluctuating earnings in the near term due to turmoil in the U.S. subprime market.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Tuesday second-quarter profit fell as mortgage banking pre-tax earnings declined by about half.
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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 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.