Source AP ©

One of Countrywide Financial Corp's largest shareholders cuts its stake

Countrywide Financial Corp. has lost one of its largest shareholders.

An investor group affiliated with French financial services company AXA SA slashed its stake in the troubled mortgage lender from 63.8 million shares, or 10.7 percent of outstanding stock, in August, to 23.8 million shares, or 4.1 percent of shares, this month, according to the documents filed with the Securities and Exchange Commission.

AXA is a passive investor in the Calabasas, California-based company.

Countrywide shares have plunged from a 52-week high of $45.26 in January to a low of $15 in mid-August. Shares were down $1.07, or 5.8 percent, to $17.14 in afternoon trading Monday.

Countrywide has been struggling as the housing slump led to a sharp rise in mortgage defaults and foreclosures, particularly among borrowers with subprime loans.

The mortgage fallout has left many lenders strapped for money to fund new loans.

In recent weeks, Countrywide borrowed $11.5 billion (8.34 billion EUR) and sold a $2 billion (1.45 billion EUR) stake to Bank of America so it could keep operating its retail banking and mortgage lending businesses.

The company said last week it would cut as many as 12,000 jobs. Previously announced cuts involved 1,400 jobs.

Russian Foreign Minister Sergei Lavrov said at a briefing in Beijing that the question about the shipment of S-300 anti-aircraft missile systems to Syria had not been resolved yet. However, Syrian Ambassador to Russia Riyad Haddad said that S-300 missile systems had been delivered to Syria last month

Israel can learn many lessons with the help of Russia's S-300 air defence systems in Syria

Representatives of the Israeli Defence Ministry responded to recent reports about the possible delivery of S-300 SAM systems from Russia to Syria. Israeli Defence Minister Avigdor Lieberman said that Israel would destroy those systems

Israel vows to destroy Russia's S-300 in Syria in case of danger
Comments
Putin: Russia's young scientists build world's most powerful arms system in 7 years
Pentagon's goal in the Middle East is to trigger major war between Israel and Iran
Putin: Russia's young scientists build world's most powerful arms system in 7 years
International study indicates ways to mitigate the effects of climate change on agriculture
Israel can learn many lessons with the help of Russia's S-300 air defence systems in Syria
Israel can learn many lessons with the help of Russia's S-300 air defence systems in Syria
Ukraine loses nearly 4,000 military men killing fellow Ukrainians in Donbass
Ukraine loses nearly 4,000 military men killing fellow Ukrainians in Donbass
USSR shot down Korean passenger Boeing 40 years ago. Chronicles
Putin to sign new decree to spend ten trillion rubles on social needs
Putin to sign new decree to spend ten trillion rubles on social needs
Putin to sign new decree to spend ten trillion rubles on social needs
Putin: Russia's young scientists build world's most powerful arms system in 7 years
Putin: Russia's young scientists build world's most powerful arms system in 7 years
Putin: Russia's young scientists build world's most powerful arms system in 7 years
Russia to deliver S-300 air defence systems to Syria for free
Putin: Russia's young scientists build world's most powerful arms system in 7 years
Putin: Russia's young scientists build world's most powerful arms system in 7 years
Putin: Russia's young scientists build world's most powerful arms system in 7 years
Putin to sign new decree to spend ten trillion rubles on social needs
Russia's S-300 systems against Tomahawk missiles flying towards Syria