The nations largest mortgage lender, Countrywide Financial Corporation reports 3rd quarter with some bad news with a twist of good news.
Chairman and Chief Executive Angelo stated fourth quarter will bring profitability, which created a uproar in the market sending CFC above 30 percent.
The bad news would be to employees who are not certain if they will be receiving the red slip on Monday since 12,000 jobs will be cut by year end.
According WSJ acticle, Standard & Poor's, the bond-rating agency, cut its ratings on Countrywide following its earnings release. "Over the near term, CFC will be operating with a lower volume of loan production and production concentrated in the lower margin segment of the market" for prime loans eligible for sale to government-sponsored mortgage-finance companies, S&P said, "which will likely limit a rebound to past profitability levels."
Are you going to jump on this roller coaster or do you not meet the height requirement?
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"Are you going to jump on this roller coaster or do you not meet the height requirement?"
Nice! This is now offically my financal blog!
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