Monday, October 29, 2007

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.

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