Countrywide says subprime turmoil may harm results
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Countrywide Financial Corp., the largest U.S. mortgage lender, said on Monday that foreclosures rose to a five-year high and turmoil in the subprime market may hurt earnings, and its shares fell.
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Shares of Countrywide Financial, the nation's largest mortgage lender, plummeted yesterday on rumors, which the company denied, that it was contemplating a bankruptcy filing. The drop came on yet another bad day for the stock market, which has been off to a terrible start for 2008.
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Countrywide Financial Corp.'s shares tumbled for the second day Wednesday after the nation's largest mortgage lender said the delinquency and foreclosure rate of home loans in its portfolio surged in December.
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Countrywide, the nationâs largest mortgage lenders, has been struggling to deal with the troubles in the mortgage industry.
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Countrywide Financial Corp  shares slid as much as 19.9 percent to their lowest level in nearly eight years on what traders called speculation that the largest U.S. mortgage lender might seek bankruptcy protection.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Thursday its mortgage fundings slid 17 percent in August from a year earlier to $34 billion on the housing slowdown and "credit tightening in the mortgage market."
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Merrill Lynch warned yesterday that shaky credit markets forced it to reduce the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
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Many members of the Bank of Japan policy board agreed in early July that there was uncertainty in the outlook for adjustments in the American housing markets because of subprime mortgage problems, minutes of the central bankâs meeting of July 11-12 showed. Some members said it was not highly likely that the subprime loan problems would severely affect credit markets, the minutes showed, but if that were to happen, there was a âpossibility that global financial and economic conditions could be badly affected.â The nine-member board agreed by an 8-1 vote to keep the overnight call rate target at 0.50 percent. The policy makers maintained the view that the United States economy would probably achieve a soft landing toward the end of the year.
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Federal bank regulators, worried about a surge in defaults on high-risk home mortgages, on Friday called on lenders to exercise caution in making subprime loans and closely evaluate borrowers' ability to repay them.
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Countrywide Financial Corp's   decision to sell itself to Bank of America Corp  was  driven in part by fear of potential crackdowns by regulators,  the Wall Street Journal reported on its Web site on Monday.
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Florida has subpoenaed  Countrywide Financial Corp  as part of a widening  investigation into subprime lending practices, the state's  attorney general said on Thursday.
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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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Countrywide Financial Corp , whose shares have tumbled on concern it might not survive the nation's housing crisis, said on Wednesday it made more loans than expected in the fourth quarter, though foreclosures among loans it services increased.
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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.'s   debt protection costs jumped on Tuesday amid rumors about more  financial problems at the largest U.S. mortgage lender.
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The chairman of Lowe's Cos. Inc. , the second-largest U.S. home improvement retailer, warned on Tuesday that problems in the subprime mortgage sector may hurt its business in some areas.
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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