Leading Countrywide investor cuts stake

Group sells off more than half its shares in the last month

LIVE QUOTE

Quotes delayed 15+ min.

Slideshow

Sand castles
Open House: A look at some properties for sale around the country with an ocean view.

Most popular

• Most viewed

• Top rated

• Most e-mailed

D.C.-area sniper executed in Virginia

Confidence in Obama slips more, poll shows

Woman drives into aquarium at Tampa airport

9 surprising places where germs lurk

Vatican looks to heavens for signs of alien life

Most viewed on msnbc.com

Latest interest rates

See today's average mortgage rates across the country.

Loan type	Today	+/-	Last week
30-year fixed	5.06%		5.15%
15-year fixed	4.64%		4.59%
30-year fixed jumbo	5.91%		6.05%
5/1 ARM	4.20%		4.21%
7/1 ARM	4.43%		4.44%

Source: Bankrate.com | View rates in your area

See today's average home equity rates across the country.

Loan type	Today	+/-	Last week
$30K HELOC	5.23%		5.24%
$30K home equity loan	8.32%		8.36%
$75K home equity loan	8.25%		8.40%
$50K home equity loan	8.21%		8.37%
$50K HELOC	4.96%		4.99%

Source: Bankrate.com | View rates in your area

See today's savings rates across the country.

Savings type	Today	+/-	Last week
Money market	1.04%		1.05%
$10K money market	1.12%		1.13%
Six-month CD	1.14%		1.14%
One-year CD	1.61%		1.61%
Five-year CD	2.61%		2.62%

Source: Bankrate.com | View rates in your area

See today's average auto rates across the country.

Loan type	Today	+/-	Last week
48-month new car loan	7.08%		7.07%
36-month used car loan	7.42%		7.40%
36-month new car loan	6.93%		6.91%
60-month new car loan	7.13%		7.12%

Source: Bankrate.com | View rates in your area

See today's average credit card rates across the country.

Card type	Fixed	Variable
Standard	13.46%	11.48%
Gold	12.12%	9.89%
Platinum	11.19%	11.90%
All	12.34%	11.46%

Source: Bankrate.com | View more rates

Interactive

Foreclosure rates by state
Foreclosure rates tend to be highest in four key states. Click to see the progression for every state since 2005.

updated 7:06 p.m. ET Sept. 10, 2007

LOS ANGELES - One of Countrywide Financial Corp.'s largest shareholders has cut its stake in the company by more than half since last month, according to a regulatory filing Monday.

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, Calif.-based company.

Story continues below ↓

advertisement | your ad here

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 and sold a $2 billion 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.