$150 Million Charge for Countrywide

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Struggling mortgage lender Countrywide Financial Corp. expects to book a pretax charge of about $125 million to $150 million from its previously announced restructuring plan, according to a Securities and Exchange Commission filing Tuesday, the Associated Press reports.


In Tuesday’s filing, Countrywide said it expects to book a charge of $57 million in the quarter ending Sept. 30, with the remaining amount to be recognized in the following quarter.


Countrywide announced in early September it would cut up to 12,000 jobs, or about 20 percent of its work force, in an effort to cope with soaring foreclosures and defaults. Until now, the company said it was not able to estimate the charges that would result from the restructuring.


Read the full Associated Press story

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