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Wednesday, Jun 7, 2023

Countrywide CFO Assuages Market Fears

Speaking at an investor conference, Countrywide Financial Corp. officials today told investors that the company was well-fortified against the problems in the mortgage market. The comments helped to staunch the share price decline that the Calabasas-based company saw yesterday as a result of the broader problems in the mortgage sector. Countrywide’s share price closed today up $1.65 to $36.85 per share. The company’s stock yesterday fell as news broke that another subprime lender was facing a Securities and Exchange Commission investigation. Countrywide CFO Eric Sieracki told investors in a conference in Orlando that, while those with businesses exclusively in the subprime sector were likely to suffer, Countrywide’s broader business mix would insulate the company from similar woes. “We’re a top-conditioned athlete,” he told the group.

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