Countrywide (CFC) is trading up over 5% on its fourth quarter and full year earnings announcement.
CFC reported a net loss of $422 million, or $0.79 per diluted share, for the fourth quarter ended December 31, 2007, which compares to net income of $622 million, or $1.01 per diluted share, for the fourth quarter of 2006. For the full year, the Company reported a loss of $704 million, or $2.03 per diluted share. This compares to net income of $2.7 billion, or $4.30 per diluted share for the twelve months ended December 31, 2006.
"While considerably improved from the previous quarter, Countrywide’s results for the fourth quarter of 2007 were adversely impacted by further credit deterioration across the industry and continued illiquidity in the secondary mortgage markets," said Angelo R. Mozilo, Chairman and Chief Executive Officer.
Douglas A. McIntyre