Top Lender Sees Mortgage Woes for âGoodâ Risks
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Countrywide Financial, the nationâs largest mortgage lender, issued a pessimistic outlook of the housing market, helping to ignite a sell-off in the stock market.
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Top bankers warn that many lenders are letting their standards slip and making imprudent loans.
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LOS ANGELES -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell behind on mortgage payments. The earnings fell well short of Wall Street estimates.
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Finance leaders from the worldâs wealthiest nations warned Saturday that global economic woes could get worse from the slump in the American housing market.
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Business & money: Europe's largest bank warns investors it could face further write-downs of assets because of the sub-prime mortgage crisis.
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Shares of Countrywide Financial Corp., the nation's largest mortgage lender, sank to an all-time low Tuesday as a major homebuilder offered a grim outlook for the industry
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Accredited Home Lenders Holding Co.  , a California subprime mortgage lender, reported a  fourth-quarter loss on Wednesday, hurt by worsening conditions  in the market for loans to people with weaker credit histories.
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US stocks fall on Thursday after the country's largest mortgage lender warns of a possible recession.
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The regulator said broad problems raised questions about the reliability of the mortgage finance company's management.
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Auditor found problems in the way the mortgage funding giant compiled its financial results as recently as the quarter that ended Sept. 30.
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As firms do the real math, losses related to mortgages could pile up.
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Countrywide Financial Corp Chief Executive Angelo Mozilo said on Thursday the U.S. housing downturn is likely to lead the country into recession, but that the largest U.S. mortgage lender will survive.
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Banks, which have used a glut of cheap money to help fuel a boom in real estate and leveraged company buyouts, may face a rough ride when lending conditions turn sour, the Bank for International Settlements said on Sunday.
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Troubles buffeting the U.S. mortgage market could get worse as resurgent crude oil prices squeeze the finances of already hard-pressed borrowers, analysts say, and that could spell more trouble for Wall Street.
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U.S. stocks took a beating yesterday largely because poor earnings from one of the nation's largest mortgage lenders renewed concerns about whether the housing downturn could damage the broader economy.
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Banking regulators on Tuesday urged mortgage servicers to be proactive and contact borrowers at risk of default to help them avoid foreclosure and keep their homes.
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Experts have warned all year that a slowing U.S. economy and rising borrowing costs would lead to an increase in bad loans by homeowners and other borrowers.