Countrywide Financial is feeling the blues when it comes to the mortgage business. The lender missed fourth-quarter earnings expectations on Tuesday, Jan. 30, as its net income fell 2.5% to $621.6 million, or $1.01 a share with revenue of $2.76 billion. In the same year-ago period, Countrywide earned $1.04 a share or $639 million. Analysts were looking for $1.03 per share on $2.76 billion of revenue. The earnings miss comes on the heels of recent rumors that Bank of America was interested in buying Countrywide Financial. Both sides have been quiet about a possible hookup. Countrywide CEO Angelo Mozilo in a Tuesday earnings conference call, repeatedly gave his obligatory "no comment" to a possible Bank of America-Countrywide union. Coincidentally, Bank of America over the last couple of months has been lobbying to lift the 10% deposit cap for U.S. banks. Some believe Bank of America is setting the stage to free up money for possible mergers ... — Gerald Magpily
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