Chris Cantell Discusses Financials: Going under by Claudia Sonea

After at the beginning of the year there were rumors about Countrywide Financial Corp. going bankrupt, on Tuesday it has come again under the spot light. The country's largest mortgage lender made public its first quarter revenue that was very disappointing and showed $893 million loss. In January The Wall Street Journal and The New York Times mentioned that Bank of America offered a $4 billion in stock buyout to Countrywide. Still, the information was never confirmed by the bank or the mortgage lender. If the rumors are true, then Bank of America will have a hard time dealing with the problems that Countrywide already has. In spite of CEO Angelo Mozilo’s forecast, the mortgage lender did not succeeded to make any profit in 2008. The main causes for the loss were the sluggish housing market and the delinquent loans that were in the company's mortgage servicing portfolio especially. From the subprime loans 39 percent were delinquent and most of the borrowers delayed more than 90 days. It is not surprisingly why the revenue slipped 72 percent and the shares fall to $5.63 and this comes after in the fourth quarter it posted a loss of $422 million. Let us look on the bright side where there is a 27 percent increase in the daily mortgage and pre-tax earnings of $232. Whether Countrywide will go bankrupt or will be purchased by Bank of America is still a mystery. Meantime, it is sure that the company faces many dangers and it has a dark cloud hanging over its head.

related story: http://news.yahoo.com/s/ap/20080429/ap_on_bi_ge/earns_countrywide;_ylt=AkGTqbV_mj0ZORd7spDs0Dus0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.<br><br><font size=2>These news are brought to you by CantellTV, its technology partner SigEx Telecom and its founder Chris Cantell. CantellTV is the fastest growing provider of digital broadcasting coupled with enhanced communications, allowing people to easily control, view, upload and share digital content through proprietary interface. CantellTV has relationships with a growing network of international clients delivering millions of videos per day with more than 50,000 new videos uploaded and 200 hours of new TV shows broadcasted daily to a wide range of viewers, from 5 to 7 year olds of LiveCartoons; to 16 to 24 year old active social users of MyJumps; to fortune 50 corporate clients utilizing enhanced broadcasting services. CantellTV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers. Chris Cantell retains consulting arrangements with several pre-IPO companies.</font><br>

Edited by: Katarina Zerzanova