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July 24, 2007
Countrywide Profit Sinks (red flag warning!)
By Lingling Wei
In another sign of spreading credit problems, Countrywide Financial Corp. said Tuesday losses on certain loans to more creditworthy borrowers contributed to a 33% drop in second-quarter net income.
The largest U.S. home lender again slashed its 2007 earnings outlook on expectations of "increasingly challenging" housing and mortgage markets.
NEW YORK (MarketWatch) -- Stocks slumped Tuesday after Countrywide Financial Corp. said its profits took a hit from the housing debacle and Dow component DuPont Co. and American Express also reported weaker-than-expected earnings.
"Continuing concerns over liquidity in the credit markets and its impact on pending deals are bringing out the sellers," said Elliot Spar, an option market strategist at Ryan Beck & Co.
Posted by Post Scripts at July 24, 2007 11:48 AM