Countrywide reports $1.2 billion loss

Countrywide Financial reported a third-quarter loss of $1.2 billion citing losses on mortgages loans they could not sell as well as defaulted loans.Countrywide mortgage claims it will turn a profit this quarter as it shuns subprime and other risky loans.  The nation’s largest mortgage lender is planning on sticking with plain, A paper loans now. The $1.2 billion loss can be compared to the profit of $648 million last year during the same quarter.   Recently, banks such as Citi, Bank of America, and BankUnited have announced decreases in their profits.  However, at least these banks were still reporting a profit. You can read more about Countrywide’s $1.2 billion loss at the Sun Sentinel.