Sector Earnings Sink, Countrywide Faces Junk Rating - Mortgage Forums for Mortgage Brokers

Welcome to MortgageBrokerLand.com, an online community for the mortgage industry where you can join mortgage brokers, wholesale lenders, lead providers, and other industry professionals in discussions concerning today's mortgage business. To gain full access to MortgageBrokerLand.com you must register for a free account. As a registered member you will be able to:

Post loan scenarios for review by wholesale account executives and other mortgage brokers
Communicate privately with other members around the country
Establish your community reputation to take advantage of free offers from service providers

All this and more is available to you when you register for a free account. So sign up today!

If you have any problems with the registration process or your account login, please contact support.

		Mortgage Forums for Mortgage Brokers > Mortgage Business > Mortgage News
Sector Earnings Sink, Countrywide Faces Junk Rating

#1 (permalink)

11-12-2007, 08:31 AM

Veronica Corningstone Veronica Corningstone is offline

Corner Window Office

Join Date: Jan 2006

Posts: 1,840

Veronica Corningstone is on a distinguished road

Sector Earnings Sink, Countrywide Faces Junk Rating

E*TRADE FINANCIAL Corp. announced a decline in the fair value of its $3.0 billion asset-backed securities portfolio will leave it unable to achieve its previously disclosed 2007 earnings guidance. Wachovia said it lost $1.1 billion as the value of its ASB CDOs linked to subprime exposures sank, according to a slide presentation for its conference Friday. Capital One Financial Corp. raised its forecast for credit losses in 2008 to the range of $4.9 billion to $5.5 billion. Countrywide Financial Corp. warned Friday that another downgrade to its current investment-grade debt ratings -- which have been placed on some form of negative outlook by all three rating agencies -- could severely limit its access to the public corporate debt markets.

More...

« RMBS Ratings Suffer as CMBS Shine | How to Be a Mortgage Broker »

Thread Tools
Show Printable Version Email this Page

Posting Rules
You may not post new threads You may not post replies You may not post attachments You may not edit your posts BB code is On Smilies are On [IMG] code is On HTML code is Off Trackbacks are On Pingbacks are On Refbacks are Off

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Nonprime Originations Sink	Veronica Corningstone	Mortgage News	1	05-15-2007 08:37 AM
Fannie Mae faces work after restatement (AP)	Ron Burgundy	Mortgage News	0	12-07-2006 07:13 AM
Intuit says it faces SEC probe over stock options (Reuters)	Ron Burgundy	Mortgage News	0	06-12-2006 02:13 PM
Fannie Mae faces huge hurdle as OFHEO report nears (Reuters)	Ron Burgundy	Mortgage News	6	05-29-2006 11:16 AM
Man Faces Life Sentence for Running Down Originator	Veronica Corningstone	Mortgage News	0	02-19-2006 06:13 AM

All times are GMT -7. The time now is 08:27 PM.