Losses of the largest in the US hypothec creditor have exceeded all expectations
30 January 2008In the fourth quarter of 2007 the loss of hypothec creditor Countrywide Financial, largest hypothec creditor in the USA, the victim during credit crisis, has exceeded own forecasts of bank because of increase in quantity of not paid credits and a proceeding falling of the real estate market in the USA.
Purchase Countrywide Financial from Bank of America for $4 billion in shares became the result of losses during hypothec crisis.
The loss has made $422 million, or 79 cents per share, in comparison with profit in $622 million, or $1,01 per share, for the similar period of the last year and at the forecast of the loss in 25-75 cents.
In the third quarter loss Countrywide at the level of $1,2 billion became the first quarter loss for last 25 years.
