Countrywide Misses By Wide Margin

Countrywide Financial Corp. (CFC) blamed mortgage defaults for reporting second quarter earnings that dropped to 81 cents per share from $1.15 per share in the year ago period, falling 14 cents short of expectations. The disappointing results prompted the mortgage banking company to lower its full year outlook for the second time sending the stock price tumbling $3.56 to close at $30.50.