Mortgage lender loses $1B in 3Q (Daily Press)

Story date: 2007-10-27 01:09:12
Added on: 2007-10-27 21:00:17

Countrywide Financial Corp., the nation's largest mortgage lender, said Friday that it swung to a loss of more than $1 billion in the third quarter. Mortgage market woes forced it to set aside millions in loan-loss provisions and writedowns, and the lender originated fewer loans. It was the first quarterly loss for the Calabasas, Calif.-based lender in 25 years.


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