Countrywide Earnings Top Forecasts

Mortgage lender Countrywide Financial(CFC Quote) reported a 1% decline in first-quarter profits, one more indication that the once red-hot housing market continues to cool down.

But the drop in profits at the California-based firm was considerably smaller than what Wall Street analysts were expecting. Additionally, revenue exceeded expectations.

In the quarter, Countrywide, one of the nation's biggest mortgage bankers, earned $684 million, or $1.10 a share, compared with $689 million, or $1.13 a share, a year ago. Revenue rose 18% to $2.8 billion. ...