Countrywide: More credit losses possible

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It wasn’t long ago that Countrywide Financial said it saw plenty of opportunity in the mortgage crisis. Weak hands would fail, Countrywide said, and Countrywide would benefit.

Times change. From Reuters: ‘Countrywide Financial Corp., the largest U.S. mortgage lender, said it may see more credit losses as downward trends in the economy and in the real estate market conspire to boost delinquency rates.’

More: ‘In its annual filing with the Securities and Exchange Commission, released on Friday, Countrywide said rising monthly payments on adjustable-rate mortgage loans, also known as ARMs, could also prompt a rise in delinquencies.’

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Photo Credit: Countrywide CEO Angelo Mozilo by L.A.Times