"Unprecedented" Poor Market Conditions Cited By Leading US Mortgage Lender

Dow Jones via CNN   |   August 10, 2007 09:24 AM

Read More: Securities and Exchange Commission, United States, San Francisco, California , Breaking Business News
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Countrywide Financial Corp., the largest U.S. mortgage lender, said Thursday that "unprecedented" poor conditions in the secondary-mortgage market are causing it to retain a greater proportion of mortgage loans than it sells.

In a filing with the Securities and Exchange Commission, Countrywide said that while it plans to retain more loans until investor demand improves, it warned that a prolonged period of poor conditions "could have an adverse impact on our future earnings and financial condition."

The disclosure was made as part of Countrywide's (CFC) regular quarterly financial report with the SEC.

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