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$422 Million – Where does it all go?

February 1, 2008

Countrywide posts $422M quarterly loss
Dallas Business Journal – by Chad Eric Watt Staff Writer

Countrywide Financial Corp. reported a loss in both its fourth-quarter and fiscal year because of further problems in the mortgage industry, the company said Tuesday.

Calabasas, Calif.-based Countrywide (NYSE: CFC) reported a fourth-quarter loss of $422 million, or 79 cents per diluted share. Total revenue for the latest quarter fell 58 percent to $1.16 billion. In the year-ago period, the mortgage company posted net income of $622 million, or $1.01 per diluted share.

Also, ran across this blog about the Top 5 Most Ridiculous Mortgage Borrower Stories. Everyone blames everyone but, who would buy a house with a payment higher than their monthly income? Ridiculous!

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