CALABASAS, Calif. - (07/27/05) -- The ongoing refinancing boomcontinued to wreak havoc on Countrywide Financial Corp., whichreported a 28% drop in second-quarter earnings, to $566 million, or92 cents a share, compared to the same quarter last year, due to amassive swing in the value of its servicing portfolio. The nation'sbiggest mortgage lender reported a $1.4 billion loss for funds setaside for the recovery of mortgage servicing rights, compared to a$1.2 billion gain in the second quarter last year--as recordnumbers of its borrowers continue to refinance their mortgages.However, all but $261 million of the $2.6 billion difference, wasmade up by a $2.3 billion swing in the value of the company'shedging portfolio. The ongoing mortgage boom helped pushCountrywide's loan production up 21% over last year, to $121billion for the quarter, and its servicing portfolio by 33% to anew high of $964 billion at mid-year. For the first six months ofthe year, Countrywide reported a 6% drop in net income to $1.26billion, or $2.05 a share, compared to the first half lastyear.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
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