Friday, October 26, 2007

Just A Speed Bump On The Road To Profitability

OK then, but color us pessimistic. AP (10.26.07):
"Countrywide Financial Corp. lost $1.2 billion in the third quarter, but its shares soared Friday after the nation's largest mortgage lender said it expects to be profitable this quarter and next year.

It was Countrywide's first quarterly loss in 25 years."

Countrywide Loses $1.2B, Sees Turnaround

"But the Calabasas, Calif.-based company said it will be profitable in the fourth quarter and in 2008, as it restructures its business to take advantage of the current market."

Hmmmm. Maybe. On the other hand, there's a hell of a lot more subprime, Alt-A and option ARM crap coming down the pipe.

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