NEW YORK (CNNMoney.com) -- Countrywide Financial, the nation's leading mortgage lender, reported a staggering $1.2 billion third-quarter loss Friday that was much larger than Wall Street expected, but predicted it would quickly return to profitability.
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Countrywide Chairman and CEO Angelo Molizo said the lender has weathered the worst of its problems and is in a good position to post a profit in the fourth quarter, as well as in 2008. He pointed out out that many lenders have pulled out of the residential mortgage business in recent months due to the upheaval, or have gone out of business entirely.
Yesterday:
Analysts surveyed by Thomson Financial expect the company to report a fourth-quarter loss of 30 cents per share on revenue of $1.71 billion.
And reality.
CALABASAS, Calif., Jan. 29 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation today reported a net loss of $422 million, or $0.79 per diluted share, for the fourth quarter ended December 31, 2007, which compares to net income of $622 million, or $1.01 per diluted share, for the fourth quarter of 2006.