Another loss for US mortgage firm - BBC News

Countrywide Financial, the biggest United States mortgage lender, have posted a 3rd sequent loss as borrowers failed to maintain up with their place loan payments.

It made a loss of $893m (£452m) in the first three calendar calendar months of 2008, bringing entire losings to more than than $2.5bn in the nine months to the end of March.

Countrywide have been hit difficult by the United States lodging marketplace downswing and have agreed to sell itself to Depository Financial Institution of America.

The consequences were worse than analysts had been expecting.

Countrywide took more than than $3bn of complaints for writedowns and bad loans.

The company said about one in 11 borrowers overall and more than than one in three sub-prime borrowers have got fallen behind on place loan payments - both nearly twice as many as a twelvemonth earlier.

Sub-prime loans are those offered to people with mediocre recognition records or unpredictable incomes.