Tuesday, April 29, 2008

Countrywide posts another $893 million dollar loss

Bad loans Soaring...Ooooo-eeeee! We keep on keeping on with this sub-prime, real-estate bubble bursting economic news. All this while Mr. Bush refuses to recognize we are in recession. His euphemisms for the disaster that is our economy are getting beyond ridiculous.

NEW YORK, April 29 (Reuters) - Countrywide Financial Corp, the largest U.S. mortgage lender, posted a surprisingly large $893.1 million first-quarter loss on Tuesday, taking more than $3 billion of charges for write-downs and bad loans as the housing slump deepens. The quarterly loss was the third straight for Countrywide, which agreed in January to be acquired by Bank of America Corp for about $4 billion. Countrywide has lost more than $2.5 billion in the nine months ended March 31.

Countrywide also faces many investigations into its lending practices, lawsuits from shareholders and borrowers, and a U.S. Securities and Exchange Commission probe into Chief Executive Angelo Mozilo's stock sales. Mozilo has denied wrongdoing. (Editing by Dave Zimmerman)
Investigations? Shocked I say! Shocked to see that there is corruption going on in this company!

Heck’ava job, Mozilo.

UPDATE: LA Times reports that Countrywide CEO Angelo Mozilo took in $10.8 million and cashed out $121.5 million in stock gains as his company got hammered by losses on sub-prime loans in 2007.