Countrywide posts $893 million first-quarter loss

Troubled mortgage lender Countrywide Financial Corp. continued to hemorrhage money in a toughening housing climate, reporting Tuesday that it lost $893 million in the first quarter compared to a profit of $434 million during the same period last year.

Countrywide also said it would increase its residential loan loss provision to $1.5 billion as it struggled to get a handle on rising delinquencies and plummeting home values. Charge-offs for the nation's largest lender climbed to $606 million from $39 million.

The Calabasas, California-based lender lost $1.60 per share for the quarter, compared to a profit of 72 cents a share a year earlier. A poll of analysts conducted by Thomson Reuters had expected to see earnings of 2 cents per share.

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- Posted: 2008-04-29 08:37:38

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