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Countrywide Loses $893M.
Calabasas, CA -- Countrywide Financial Corp. here took $3 billion of credit-related charges in the first quarter, widening the company's loss well above Wall Street expectations.
The company lost $893 million, or $1.60 per share, in the quarter. Analysts on average had forecast near break-even results, according to Thomson Financial.
But there is little in the company's first-quarter financial report that would raise doubts about Bank of America's planned acquisition of Countrywide. And some think the big charges are part of a housecleaning that could ease the merger.
The credit costs hit both Countrywide's mortgage banking unit, which lost $552 million in the quarter, and bank, which lost $960 million. Countrywide posted small profits ...
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