Countrywide Gets Spanked

Another subprime mortgage banker getting spanked by the flattening yield curve. They made plenty of money, but the drop in earnings is precipitous, with lower rates than last year 03, you would expect that the origination of 1st, refi and home equity would have bailed these guys out, not so....bad derivitatives hedges screwed these guys...and things really haven't gotten remotely bad...yet....it will start to look ugly when 1st qtr 05 results roll out in late April...

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