CALABASAS, Calif. - (02/03/05) -- Countrywide Financial Corp., thenation's largest non-bank mortgage lender, said its financialperformance continued to show the effects of the continued declinein the mortgage market. Net income for Countrywide's fourth quarterfell to $343 million, or 56 cents a share, from $564 million, or 94cents a share, for the fourth quarter last year. Revenues were flatfor the quarter at $2 billion. For the year, Countrywide reported a10% increase in revenues, driven mostly by a halving of lossesbooked for retained interests on servicing rights to $650 million.That helped offset a 17% reduction in loan production from 2003'srecord highs to $363 billion. Fiscal year earnings were down 2% to$2.3 billion, or $3.83 a share.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
July 3