Countrywide Financial Corp, the largest mortgage
lender in the nation announced, before the stock marketed opened on
Friday, that it is posting a loss of 1.2 billion for the third quarter of
2007 because of millions it had to set aside in loan loss provisions,
write downs, and lowered loan values.
This was the first quarterly loss posted by Countrywide in 25
years.
Corporate spokespeople, including President Angelo
Mozilo however, were upbeat, saying that…