Countrywide Says Rate Hikes Hurting Profit

Countrywide Credit Industries Inc., the largest U.S. publicly traded mortgage lender, said its fiscal first-quarter profit fell 19% as higher interest rates discouraged consumers from refinancing their home loans. Net income for the Calabasas-based company fell to $83.5 million, or 72 cents a share, in the quarter ended May 31 from $103.4 million, or 88 cents, a year earlier. Revenue declined 2% to $528.2 million from $538.7 million. Analysts expected earnings of 70 cents, according to a First Call/Thomson Financial survey. Countrywide shares fell 19 cents to close at $30.75 on the New York Stock Exchange.