Countrywide Profit Falls 39 pct, Mortgages Weaken

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009739-countrywide-profit-falls-39-pct-mortgages/

Countrywide Financial Corp., the largest U.S. mortgage lender, on Wednesday said fourth-quarter profit declined 39 percent, as earnings at its largest business, mortgage banking, fell by two-thirds.

Net income for the Calabasas, California-based company fell to $343 million, or 56 cents per share, from $564 million, or 94 cents per share, a year earlier. Analysts polled by Reuters Estimates, on average, expected profit of 81 cents per share.

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Countrywide Profit Falls 39 pct, Mortgages Weaken

Unknown Author

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