The downturn in the lending industry has led Countrywide Financial to post its first quarterly loss in 25 years. The Calabasas-based mortgage firm reported a $1.2 billion net loss, or a loss of $2.85 per diluted share, on negative revenues of $718,000 for the quarter ending Sept. 30. The company posted a net income of $648 million, or $1.03 per diluted share, on revenues of $1.4 billion for the same period in 2006. The company was hard hit by the financial crisis in the home mortgage lending sector and laid off approximately 5,000 employees in September. Countrywide Chairman and CEO Angelo Mozilo remained upbeat about the company’s future financial performance, boldly predicting a return to profitability in the fourth quarter. “During the quarter, the company stabilized its liquidity, strengthened its capital position, significantly tightened its loan program and underwriting guidelines, and began the process of right-sizing operations for today’s lower volume mortgage market,” Mozilo said. The U.S. Securities and Exchange Commission opened an informal investigation into Mozilo selling shares of Countrywide under a year old trading plan that resulted in $100 million in gains. Countrywide shares closed at $17.30, up from the previous day’s close of $13.07.