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Sunday, August 12, 2007

Countrywide, Washington Mutual Fall on Mortgage Slump




August 10 2007 Bloomberg.com
Countrywide Financial Corp., Washington Mutual Inc. and MGIC Investment Corp. led shares of U.S. mortgage companies lower as demand for loans and sources of new money dried up. Shares of Countrywide, the biggest U.S. mortgage lender, have lost a third of their value this year, wiping out $8.8 billion of market capitalization that took three years for the Calabasas, California-based company to generate. They fell 2.8 percent today. Washington Mutual, the largest U.S. savings and loan, lost 2.2 percent and MGIC, the No. 1 mortgage insurer, fell 13 percent.

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