Countrywide Financial Corp., Calabasas, Calif., has reported net income of $648 million in the third quarter, up from $634 million a year earlier.Countrywide's diluted earnings per share were flat at $1.03, the same as in the third quarter of 2005. But the company pointed out that EPS through the first nine months of 2006 reached a record of $3.29, up 7% from the same period last year. Countrywide chief executive Angelo Mozilo said that a "transitional market" put pressure on the company's mortgage earnings, which declined 40% from the level recorded a year earlier. Falling interest rates depressed loan servicing performance, and loan production earnings also declined. Moreover, Mr. Mozilo said the home loan industry continues to face challenges, saying Countrywide expects that "margins will remain under pressure and that pricing will remain competitive" in the fourth quarter. Countrywide can be found online at http://www.countrywide.com.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
11h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28