Countrywide Credit Reports Profit Fall 15%

Countrywide Credit Industries Inc., the largest publicly traded mortgage lender in the U.S., said profit in its second fiscal quarter fell 15% as rising interest rates kept consumers from refinancing mortgages. The Calabasas-based company’s earnings for its quarter ended Aug. 31 declined to $91 million, or 77 cents a share, from $106.5 million, or 91 cents, a year earlier. Revenue rose 4%, to $512.3 million from $491 million, but operating expenses were up 17%. Wall Street was expecting the company to earn 76 cents a share, according to a survey of analysts by First Call/Thomson Financial. Countrywide’s shares closed down 13 cents, to $37.63 on the New York Stock Exchange.