U.S. Mortgage Company Sees Loss

There have been so many mortgage foreclosures in the U.S. that it is no wonder that U.S. mortgage giant Countrywide Financial has reported a $1.2 billion in losses during the third quarter. It was the first loss for the firm in 25 years. A year earlier they made $647.6 million. The latest quarter included a $2.9 billion in credit losses. They hope that they are through the worst of the slowdown now and expect to make a profit in the fourth quarter.