Countrywide Financial´s net income tumbles

• "Countrywide Financial Corp., the biggest U.S. mortgage lender, reported a third straight quarterly earnings decline and reduced its 2007 forecast as a growing number of consumers fell behind on home-equity loan payments. Second-quarter net income tumbled 33 percent to $485.1 million, or 81 cents a share, from $722.2 million, or $1.15, a year earlier, the Calabasas, California-based company said in a statement today. Analysts estimated Countrywide would earn 91 cents. Revenue fell 15 percent to $2.55 billion. Countrywide shares dropped as much as 8.7 percent, the most since October 2004, after the lender said overdue payments reduced second-quarter profit by $388 million. Chief Executive Officer Angelo Mozilo said he expects ``difficult housing and mortgage market conditions to persist'' through 2007." source: Bloomberg
• "The dollar hit a record low versus the euro and a six-week low against the yen in Asia Monday, hurt by lingering speculation that problems in the U.S. subprime loan market could damage the broader economy. The U.S. dollar was trading at 120.95 yen midafternoon, down from 121.24 yen late Friday in New York. The euro rose to US$1.3841 from US$1.3822." source: iht.com
  
• Wells Fargo & Co. (NYSE: WFC) has joined a growing number of banks getting out of the subprime loan market in response to regulatory pressure.  The nation's fifth largest bank said today that it would no longer be offering so-called 2/28 loans, which represent 65 percent of the subprime lending industry's staple. source:axcessnews