CEO Angelo Mozilo blamed the loss on unprecedented disruptions in the mortgage market and an ongoing national housing slump.
However shares soared on promises of a profitable fourth quarter and a positive 2008, due to ongoing business restructuring at the company.
Coming back to reality
- Countrywide's market capitalisation at todays stock price is $9.20 billion.
- The stock is well off its 52 week high of $ 45.26. (52-Week Low $12.07)
- They just lost $1.2 billion.
- No signs of a recovery in the housing market anytime soon
- The USD is sliding to new lows on the USDX Index.