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Friday, October 26, 2007

Countrywide reports $1.2 billion loss

October 26 2007
Beleaguered mortgage lender Countrywide Financial Corporation reported Friday Oct 26 2007 its first quarterly loss in 25 years, a reflection of the turmoil in the credit markets that's roiled financial-services companies in the U.S. and elsewhere. However, Countrywide's shares surged more than 20% in premarket trading. The company maintained its dividend payout and said it has also negotiated $18 billion in additional liquidity that it characterized as "highly reliable." Countrywide also said it expects to turn a profit in the fourth quarter and in 2008.

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