Countrywide, Washington Mutual Fall on Mortgage Market Concern |
| Bloomberg - Aug 10, 2007 |
Shares of Countrywide Financial Corp. and Washington Mutual Inc. fell after the U.S. mortgage providers said demand has dried up and finding sources of new money may become more difficult.
Countrywide, the biggest U.S. mortgage lender, dropped $3.91, or 14 percent, to $24.75 in 9:31 a.m. composite trading on the New York Stock Exchange. Shares of Washington Mutual, the largest U.S. savings and loan, declined $1.40, or 3.8 percent, to $35.36.
``Unprecedented disruptions'' in the mortgage market may reduce profit, Calabasas, California-based Countrywide said in a regulatory filing late yesterday. Washington Mutual, based in Seattle, said in its own filing that liquidity had ``diminished significantly'' in the market for home loans made to borrowers who don't meet the top credit standards.
Read Full Article from Bloomberg
- Posted: 2007-08-10 10:20:43
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