Countrywide Posts $400+ Million Loss - Loan Production Tanks

Countrywide reported that it lost $422 million last quarter while watching loan production sink nearly a third from $90 billion to $61 billion.  This comes on the heals of an expected B of A takeover; the plans of which are to be unveiled today by Bank of America.  Many believe that a poor performance by Countrywide could unwind the potential takeover. From Market Watch: The Calabasas, Calif.-based company swung to a loss of $422 million, or 79 cents a share, while provision for credit losses totaled $924 million, down from $937 million in the third quarter. Reserve for credit losses stood at $1.9 billion at the end of 2007, the company said. Ken Lewis, Bank of America's CEO is making a presentation later Tuesday and is expected to discuss the planned takeover of C