- Net Loss of $893 Million - CALABASAS, Calif., April 29
/PRNewswire-FirstCall/ -- Countrywide Financial Corporation
(NYSE:CFC) today reported a net loss of $893 million, or $1.60 per
diluted share, for the first quarter ended March 31, 2008, which
compares to net income of $434 million, or $0.72 per diluted share,
for the first quarter of 2007. Key quarterly results include the
following: Table 1 Quarter Ended ($ in millions, except per share
Mar. 31, Dec. 31, Mar. 31, amounts) 2008 2007 2007 Consolidated
Company Net (Loss) Earnings $(893) $(422) $434 Diluted (Loss)
Earnings per Share $(1.60) $(0.79) $0.72 Shareholders' Equity
$13,155 $14,656 $14,818 Total Assets $199,018 $208,367 $207,183 Key
Segment Pre-tax (Loss) Earnings Mortgage Banking $(552) $(623) $100
Banking $(960) $(279) $288 Capital Markets $1 $118 $132 Insurance
$36 $172 $180 Key Operating Statistics ($ in billions) Total Loan
Fundings $73 $69 $117 Ending Loan Servicing Portfolio $1,484 $1,476
$1,352 Ending Assets of Banking Operations $110 $113 $84 During the
first quarter of 2008, operating results benefited from
profitability in the Company's Loan Production sector, from its
investment in mortgage servicing rights(a), and from its Balboa
Life & Casualty insurance business. However, these results were
more than offset by materially higher credit-related costs during
the quarter. Increased credit-related charges were driven by
increased levels of mortgage delinquencies, defaults and loss
severities, as well as downward revisions in expectations of home
prices relative to prior quarters. (a) MSR portfolio operating
earnings and MSR valuation changes, net of related hedging results.
FIRST QUARTER 2008 CREDIT-RELATED CHARGES Table 2 Quarter Ended
March 31, 2008 Insurance Mortgage Banking Segment Banking &
Production Servicing Segment other Total ($ in millions) Provision
for credit losses $- $213 $1,316 $- $1,529 Provision for
representations & warranty claims 51 404 - 1 456 Impairment of
credit-sensitive retained interests (1) - 441 - - 441 Provision for
captive mortgage reinsurance claims - - - 236 236 Senior and
mezzanine security valuation adjustments (2) - 202 - - 202
Inventory and pipeline valuation adjustments 188 - - - 188 Total
$239 $1,260 $1,316 $237 $3,052 (1) Includes $154 million related to
HELOC rapid amortization. (2) These securities were retained in
securitizations and are backed by nonprime, home equity and
non-conforming prime loans and are carried at estimated fair value.
The credit-related charges in the first quarter of 2008 are further
discussed below: -- Provision for credit losses on the Company's
investment in residential loans was $1.5 billion during the
quarter, compared to $925 million last quarter and $158 million in
the first quarter of 2007. Charge- offs for the first quarter of
2008 were $606 million, compared to $283 million for the fourth
quarter of 2007 and $39 million for the first quarter of 2007. The
reserve for credit losses was increased by approximately $1 billion
to $3.4 billion at the end of the quarter.(b) -- Provision for
representations and warranty claims was $456 million during the
quarter, compared to a recovery of $58 million in the fourth
quarter of 2007 and a $42 million provision in the first quarter of
2007. Charge-offs related to claims settled during the quarter were
$129 million for the first quarter of 2008, compared to $5 million
for the fourth quarter of 2007 and $43 million for the first
quarter of 2007. The sequential quarter build in the
representations and warranty claims liability was approximately
$320 million, increasing it to $1 billion at March 31, 2008. --
Impairment of credit-sensitive retained interests was $441 million
during the quarter, compared to impairment of $852 million last
quarter and $366 million in the first quarter of 2007. Of the $441
million in impairment charges, $347 million related to home equity
securitizations and $67 million related to subprime residuals. The
carrying value of the Company's credit-sensitive residual assets at
March 31, 2008 was $483 million, including $207 million related to
subprime loans and $234 million related to home equity loans. The
liability for estimated losses on future draws related to HELOC
rapid amortization amounted to $798 million at March 31, 2008,
which compares to $704 million at December 31, 2007 and no
liability existed at March 31, 2007. -- Provision for captive
mortgage reinsurance claims was $236 million, compared to a
provision of $21 million in the fourth quarter of 2007 and a
reversal of $60 million in the first quarter of 2007. The liability
for future claims increased to $385 million at March 31, 2008. As
of March 31, 2008, approximately $134 billion of mortgage loans in
the Company's servicing portfolio are covered by such mortgage
reinsurance contracts, and the Company's maximum aggregate losses
under the reinsurance contracts are limited to $1.1 billion. --
Valuation adjustments were $390 million during the quarter. Further
disruption in the capital markets and declining liquidity for non-
agency mortgage assets persisted and credit spreads on those assets
continued to widen. As a result, senior and mezzanine securities
retained in prior securitizations and non-agency inventory subject
to fair value adjustments were written down. Senior and mezzanine
securities were written down by $202 million in the first quarter
of 2008 compared to $66 million in the fourth quarter of 2007 and
no charge was taken in the first quarter of 2007. Loan inventory
was written down in the amount of $188 million in the first quarter
of 2008, which compares to write-downs of $428 million in the
fourth quarter of 2007 and $253 million in the first quarter of
2007. (b) The reserve for credit losses and the asset for estimated
amounts recoverable from pool mortgage insurance are shown
separately on the balance sheet. The March 31, 2008 and December
31, 2007 balances of the asset were $613 million and $556 million,
respectively. BUSINESS SEGMENT PERFORMANCE Mortgage Banking -- Loan
Production The Loan Production sector is comprised of the following
distribution channels: consumer-direct lending through
Countrywide's retail home loan offices, call center operations and
the Internet; wholesale lending through a network of mortgage
brokers; and correspondent lending which buys closed loans from
other financial institutions such as independent mortgage
companies, commercial banks, savings and loans and credit unions.
The sector also includes the mortgage banking activities of
Countrywide Bank. Table 3 Loan Production Sector Results of
Operations (1) Quarter Ended Mar. 31, Dec. 31, Mar. 31, ($ in
millions) 2008 2007 2007 Gain on sale of loans (2) $1,045 $274
$1,064 Net warehouse spread 37 22 90 Miscellaneous income 22 15 10
Total revenues 1,104 311 1,164 Operating expenses (757) (729) (856)
Allocated corporate expenses (115) (89) (138) Total expenses (872)
(818) (993) Total Loan Production sector pre-tax earnings (loss)
$232 $(507) $171 (1) Numbers may not total exactly due to rounding.
(2) Includes hedge results and inventory valuation adjustments, and
in the first quarter of 2008 includes the impact of the adoption of
SAB 109. Pre-tax earnings in the Loan Production sector were $232
million in the first quarter, compared to a pre-tax loss of $507
million in the prior quarter and pre-tax earnings of $171 million
in the first quarter of 2007. The following summarizes the
operational and financial highlights in the Loan Production sector
for the first quarter of 2008: -- On a consolidated basis, the
Company's loan originations totaled $73 billion in the first
quarter of 2008, of which $67 billion was originated for sale and
$6 billion was originated for investment. This compares to $61
billion originated for sale and $8 billion originated for
investment in the fourth quarter of 2007. -- Average daily
applications were $2.2 billion in the first quarter of 2008, up 27
percent from the fourth quarter of 2007. -- Pricing margins on
loans originated for sale (i.e., margins at the time of lock)
remained stable or improved slightly during the quarter relative to
the prior quarter. However, gain on sale margins were negatively
impacted by significant secondary market volatility during the
quarter. -- Operating expenses were up $28 million, but down 7
basis points as a percentage of production. The sequential quarter
dollar increase is primarily driven by a reduced benefit in the
first quarter of 2008 from SFAS 91 deferral due to the Company's
adoption of SFAS 159 on most held-for-sale loans. -- The Company's
adoption of the SEC's Staff Accounting Bulletin No. 109 aided first
quarter profitability by $358 million. The adoption of this
accounting standard requires the Company to book "gain on sale" at
the time of loan lock versus loan sale as was previously the
practice. -- The Company recorded write-downs of $188 million
resulting from credit-spread widening during the quarter on
non-agency fixed-rate mortgages and on loans that had been
previously securitized but on which the Company did not receive
sales treatment pursuant to SFAS 140. As a result of first quarter
spread widening and lessened liquidity for these loans, management
has determined that any new production of non-agency fixed-rate
loans will be originated solely for the Company's investment
portfolio. Mortgage Banking -- Loan Servicing The Loan Servicing
sector includes the performance of mortgage servicing rights
(MSRs), interest-only securities and other mortgage banking segment
investments which include: credit-sensitive subprime and home
equity residuals; Mortgage Banking HFI loans; and senior and
mezzanine mortgage- backed securities which remain unsold from
prior securitizations. Countrywide also manages a financial hedge
within the Loan Servicing sector to mitigate negative valuation
changes in MSRs and retained interests. Table 4 Quarter Ended (5)
Mar. 31, Dec. 31, Mar. 31, ($ in millions) 2008 2007 2007 Loan
Servicing sector earnings before credit charges $442 $969 $256
Credit charges (1,260) (1,108) (357) Total Loan Servicing sector
pre-tax loss $(818) $(139) $(100) Loan Servicing sector earnings
before credit charges: Servicing fees, net of guarantee fees $1,174
$1,219 $1,080 Escrow balance income 69 168 204 Miscellaneous fees
168 162 209 Income from retained interests 98 112 148 Realization
of expected MSR cash flows (754) (659) (800) Operating revenues 756
1,001 840 Direct expenses (268) (244) (179) Allocated corporate
expenses (24) (16) (22) Total expenses (293) (260) (201) Operating
earnings 463 741 640 Change in fair value of MSRs (1) (1,558)
(1,535) (9) Servicing hedge gains (losses) (1) 1,667 1,986 (161)
Valuation changes, net of servicing hedge (1) 109 451 (170)
Interest expense (130) (223) (213) Loan Servicing sector earnings
before credit charges 442 969 256 Credit charges Impairment of
credit-sensitive retained interests, net of hedge (444) (862) (318)
Adjustment to representation and warranty liability (2) (404) 59
(31) Loan loss provision (3) (209) (238) (7) Change in fair value
of senior and mezzanine securities (4) (202) (66) - Credit charges
(1,260) (1,108) (357) Total Loan Servicing sector pre-tax loss
$(818) $(139) $(100) Average servicing portfolio ($ in billions)
$1,469 $1,456 $1,316 MSR portfolio capitalization rate 1.26% 1.40%
1.40% Actual prepayment speed (CPR) 13.0% 10.5% 17.4% Ending value
of credit-sensitive retained interests ($ in millions) $483.1
$771.0 $1,836.9 (1) Includes other non credit-sensitive retained
interests, predominately interest-only securities. (2) We estimate
our liability for representations and warranty claims at the time
of sale and update our estimates quarterly. At the time of sale,
the liability adjusts our gain on sale. Subsequent to sale,
adjustments to our liability for representations and warranty
claims are included in our Loan Servicing sector. (3) Represents
the provision for loan losses for the Mortgage Banking segment's
mortgage loan investment portfolio. (4) These securities were
retained in securitization and are backed by nonprime, home equity
and non-conforming prime loans and are carried at estimated fair
value. (5) Numbers may not total exactly due to rounding. Before
the impact of credit charges, Loan Servicing sector pre-tax
earnings were $442 million during the first quarter of 2008
compared to $969 million and $256 million in the fourth and first
quarters of 2007, respectively. The Loan Servicing sector incurred
a pre-tax loss of $818 million in the first quarter of 2008, which
compares to a loss of $139 million in the fourth quarter of 2007.
The sequential quarter comparison was impacted by the following
factors: -- Earnings from the Company's investment in mortgage
serving rights were impacted by lower interest rates during the
quarter and related increases in prepayment speeds. This resulted
in an increase in the write-down of the MSR asset related to
"realization of expected MSR cash flows" from $659 million in the
fourth quarter of 2007 to $754 million in the first quarter of
2008. Prepayment speeds on the MSR asset approximated 13 percent in
the first quarter, compared to 11 percent for the fourth quarter of
2007. However, while up from the previous quarter, prepayment
speeds continue to be slow relative to historic speeds in similar
interest rate environments due to slowing housing conditions and
lesser credit availability in the mortgage markets. -- While the
Company's servicing hedge applicable to the MSR asset performed
favorably during the quarter resulting in hedge gains exceeding MSR
impairment by $109 million, the valuation change on the MSR asset,
net of hedge gains, in the prior quarter was a gain of $451
million. -- Impairment charges of $444 million applicable to the
Company's credit- sensitive retained interests, net of hedge, also
negatively impacted Loan Servicing sector earnings with the
majority of the impact related to the retained interests from home
equity securitizations, including impairment losses related to
HELOC rapid amortization. The impairment on retained interests was
driven primarily by worsening trends and expectations for
delinquencies and home prices and the resulting increases in
estimates of future defaults and credit losses. During the first
quarter of 2008, Countrywide recorded impairment losses of $154
million related to future draw obligations on the home equity
securitization deals that have entered or are probable to enter
rapid amortization status. This compares to rapid
amortization-related impairment losses of $704 million recorded in
the fourth quarter of 2007. The aggregate carrying value of the
Company's investments in credit-sensitive retained interests at
March 31, 2008 was $483 million, compared to $771 million at
December 31, 2007, and $1.8 billion at March 31, 2007. -- The
provision expense applicable to estimated future representations
and warranty claims was increased from the fourth quarter of 2007
by $463 million. The increase is primarily attributable to
worsening trends and expectations for delinquencies and home prices
and the related increases in the projections of future defaults to
which representation and warranty claims are correlated. As a
result, the reserve for such future claims at March 31, 2008
approximated $1 billion. -- The loan loss provision applicable to
the Mortgage Banking segment loan portfolio was $209 million for
the first quarter of 2008 compared to $238 million for the fourth
quarter of 2007 and $7 million for the first quarter of 2007. --
The fair value of senior and mezzanine securities declined $202
million during the first quarter of 2008, as compared to $66
million for the fourth quarter of 2007 and there was no such
decline for the first quarter of 2007. The downward change in fair
value was driven by further disruption in the capital markets and
declining liquidity for non-agency mortgage assets, which resulted
in wider credit spreads on those assets. Banking The Banking
segment includes Banking Operations (primarily the fee and
investment activities of Countrywide Bank, FSB) and Countrywide
Warehouse Lending, a provider of mortgage inventory financing to
independent mortgage bankers. Table 5 Banking Segment Results of
Operations Quarter Ended (2) Mar. 31, Dec. 31, Mar. 31, ($ in
millions) 2008 2007 2007 Banking Operations $(925) $(262) $294
Countrywide Warehouse Lending (2) 5 10 Allocated corporate expenses
(34) (23) (16) Total Banking segment pre-tax (loss) earnings $(960)
$(279) $288 Table 6 Quarter Ended (2) Mar. 31, Dec. 31, Mar. 31, ($
in millions) 2008 2007 2007 Banking Operations: Net interest income
$633 $627 $497 Provision for credit losses (1,316) (688) (129)
Non-interest income 6 11 41 Mortgage insurance expense (27) (23)
(19) Other non-interest expense (222) (189) (95) Banking Operations
pre-tax (loss) earnings $(925) $(262) $294 Other statistics: Total
assets $110,190 $113,057 $84,261 Total deposits (1) $64,266 $61,184
$57,783 Loan portfolio, net $84,774 $85,432 $69,271 Net charge-offs
$485 $192 $33 Allowance for credit losses $3,066 $2,179 $422 (1)
Includes intercompany deposits (2) Numbers may not total exactly
due to rounding During the first quarter of 2008, Banking
Operations incurred a pre-tax loss of $925 million, compared to a
pre-tax loss of $262 million last quarter and pre-tax income of
$294 million in the first quarter of 2007. The sequential quarter
comparison was impacted by the following factors: -- The provision
for credit losses in the first quarter increased 91 percent from
the fourth quarter provision to $1.3 billion, driven by the
worsening trends and expectations for delinquencies and home prices
and the related increase in the projection of future charge- offs
during the quarter. During the first quarter of 2008, net
charge-offs in Banking Operations were $485 million, which compares
to $192 million in the fourth quarter of 2007 and $33 million in
the first quarter of 2007. The allowance for credit losses in the
Banking Operations sector at March 31, 2008 grew to $3.1 billion
from $2.2 billion at December 31, 2007. The estimated amounts
recoverable from pool mortgage insurance increased to $613 million
at the end of the quarter from $556 million at the end of the
fourth quarter of 2007. -- Net interest income increased modestly
from $627 million in the fourth quarter of 2007 to $633 million in
the first quarter of 2008. Although the average balance of
interest-earning assets increased by 6 percent, the net interest
margin declined 16 basis points from the fourth quarter to 2.25
percent in the first quarter of 2008. This decline resulted from
reductions in interest rates, which impacted the average yield on
interest-earning assets and was not fully offset by reductions in
funding costs, and a higher balance of non-performing loans. --
Total deposits were $64 billion at March 31, 2008, which compares
to $61 billion at December 31, 2007. Retail deposits totaled $38
billion at March 31, 2008, which compares to $33 billion at
December 31, 2007. During the first quarter of 2008, the Bank
opened eight new Financial Centers, bringing its total to 201 at
March 31, 2008. Capital Markets The Capital Markets segment
includes a registered securities broker- dealer, a distressed-asset
manager, a commercial real estate finance group and related
businesses. Financial results for the Capital Markets segment are
noted below: Table 7 Quarter Ended Mar. 31, Dec. 31, Mar. 31, ($ in
millions) 2008 2007 2007 Revenues $81 $193 $261 Pre-tax earnings $1
$118 $132 Conduit loans sold $436 $1,687 $7,434 The pre-tax
earnings in the Capital Markets segment were $1 million in the
first quarter, which compares to $118 million in the fourth quarter
of 2007 and $132 million in the first quarter of 2007. The
sequential quarter decrease was primarily due to a reduction in
revenues resulting from the continued disruption in the capital
markets and declines in the value of non- agency securities and
loans. The sequential quarter difference in revenue was also
impacted by a SFAS 140 benefit of $104 million in the fourth
quarter of 2007 compared to a benefit of $38 million in the first
quarter of 2008, which resulted from the sale of certain securities
allowing sale accounting to be achieved. Insurance Countrywide's
Insurance segment includes Balboa Life & Casualty, a provider
of property, life and casualty insurance; and Balboa Reinsurance
Company, a captive mortgage guaranty reinsurance company. Table 8
Insurance Segment Pre-tax Earnings(1) Quarter Ended Mar. 31, Dec.
31, Mar. 31, ($ in millions) 2008 2007 2007 Balboa Reinsurance
Company $(136) $76 $131 Balboa Life & Casualty 181 105 57
Allocated corporate expenses (10) (9) (8) Total Insurance segment
pre-tax earnings $36 $172 $180 (1) Numbers may not total exactly
due to rounding For the first quarter of 2008, Insurance segment
pre-tax earnings were $36 million, compared to $172 million last
quarter and $180 million in the first quarter of 2007. Earnings
were primarily impacted by the pre-tax loss at Balboa Reinsurance,
which resulted from an increase in its provision for mortgage
reinsurance claims of $215 million. For the quarter ended March 31,
2008, Balboa Reinsurance was not required to pay any claims under
its reinsurance contracts, but increased its projection for future
claims payments, driven primarily by a worsening housing market and
resulting higher actual and projected default rates. The liability
at March 31, 2008 for future insurance claims payments approximated
$385 million. The sequential quarter increase in pre-tax earnings
at Balboa Life & Casualty was primarily the result of continued
growth in net earned premiums, lower catastrophe losses, and lower
non-catastrophe loss ratios. Dividend Declaration Countrywide's
Board of Directors declared a dividend of $1,812.50 per share on
its Series B preferred stock. The preferred stock dividend is
payable on May 15, 2008. Countrywide's Board of Directors also
declared a $0.15 dividend on its common shares despite its
quarterly loss and the challenging market conditions. The common
stock dividend is payable on June 2, 2008 to shareholders of record
on May 14, 2008. EARNINGS WEBCAST/CONFERENCE CALL Given the pending
merger with Bank of America, announced January 11, 2008,
Countrywide will not hold a webcast or conference call to discuss
quarterly results. About Countrywide Founded in 1969, Countrywide
Financial Corporation is a diversified financial services provider
and a member of the S&P 500, Forbes 2000 and Fortune 500.
Through its family of companies, Countrywide originates, purchases,
securitizes, sells, and services residential and commercial loans;
provides loan closing services such as credit reports, appraisals
and flood determinations; offers banking services which include
depository and home loan products; conducts fixed income securities
underwriting and trading activities; provides property, life and
casualty insurance; and manages a captive mortgage reinsurance
company. For more information about the Company, visit
Countrywide's website at http://www.countrywide.com/. This Press
Release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended,
regarding management's beliefs, estimates, projections, and
assumptions with respect to, among other things, the Company's
future operations, financial results, business plans and
strategies, as well as industry and market conditions, all of which
are subject to change. Actual results and operations for any future
period may vary materially from those projected herein and from
past results discussed herein. Factors which could cause actual
results to differ materially from historical results or those
anticipated include, but are not limited to: lack of or further
reduced access to corporate debt markets or other sources of
liquidity; additional disruptions in the secondary mortgage market;
increased credit losses due to downward trends in the economy and
in the real estate market, including as a result of continued
increases in the delinquency rates of borrowers; adverse changes in
the Company's credit ratings, including any downgrade that causes
the Company to lose its investment grade credit rating; continued
increases in credit exposure resulting from the Company's decision
to retain more loans in its portfolio of loans held for investment;
competitive conditions in each of the Company's business segments;
unexpected changes in general business, economic, market and
political conditions in the United States; reduction in government
support of homeownership; the level and volatility of interest
rates; changes in interest rate paths; changes in generally
accepted accounting principles or in the legal, regulatory and
legislative environments in which Countrywide operates; the
judgments and assumptions made by management regarding accounting
estimates and related matters; the ability of management to
effectively implement the Company's strategies; unforeseen cash or
capital requirements; and other risks noted in documents filed by
the Company with the Securities and Exchange Commission from time
to time. Words like "believe," "expect," "anticipate," "promise,"
"plan," and other expressions or words of similar meanings, as well
as future or conditional verbs such as "will," "would," "should,"
"could," or "may" are generally intended to identify
forward-looking statements. The Company undertakes no obligation to
publicly update or revise any forward looking statements or any
other information contained herein, and the statements made in this
press release are current as of the date of this release only.
(tables follow) COUNTRYWIDE FINANCIAL CORPORATION CONSOLIDATED
STATEMENTS OF OPERATIONS Quarters Ended March 31, % (in thousands,
except per share data) 2008 2007 Change (unaudited) Revenues Gain
on sale of loans and securities $289,311 $1,234,104 (77%) Interest
income 2,806,559 3,351,982 (16%) Interest expense (2,075,239)
(2,621,045) (21%) Net interest income 731,320 730,937 0% Provision
for loan losses (1,501,352) (151,962) 888% Net interest (expense)
income after provision for loan losses (770,032) 578,975 N/M Loan
servicing fees and other income from mortgage servicing rights and
retained interests 1,406,409 1,387,289 1% Realization of expected
cash flows from mortgage servicing rights (753,626) (799,882) (6%)
Change in fair value of mortgage servicing rights (1,460,713)
54,183 N/M Impairment of retained interests (741,020) (429,601) 72%
Servicing Hedge gains (losses) 2,004,407 (113,738) N/M Net loan
servicing fees and other income from mortgage servicing rights and
retained interests 455,457 98,251 364% Net insurance premiums
earned 488,829 334,177 46% Other 215,309 160,269 34% Total revenues
678,874 2,405,776 (72%) Expenses Compensation 1,053,985 1,075,408
(2%) Occupancy and other office 242,779 264,213 (8%) Insurance
claims 355,651 57,305 521% Advertising and promotion 73,260 70,017
5% Other 445,426 238,038 87% Total expenses 2,171,101 1,704,981 27%
(Loss) earnings before income taxes (1,492,227) 700,795 N/M
(Benefit) provision for income taxes (599,174) 266,814 N/M NET
(LOSS) EARNINGS $(893,053) $433,981 N/M (Loss) Earnings per Share:
Basic $(1.60) $0.74 N/M Diluted $(1.60) $0.72 N/M Weighted Average
Shares Outstanding: Basic 579,339 588,158 (1%) Diluted 579,339
603,000 (4%) COUNTRYWIDE FINANCIAL CORPORATION CONSOLIDATED BALANCE
SHEETS March 31, December 31, % (in thousands, except share data)
2008 2007 Change (unaudited) (audited) Assets Cash $9,014,340
$8,810,399 2% Mortgage loans held for sale (includes $11,484,414
carried at estimated fair value at March 31, 2008) 15,653,390
11,681,274 34% Trading securities owned, at estimated fair value
14,101,304 14,504,563 (3%) Trading securities pledged as
collateral, at estimated fair value 3,358,767 6,838,044 (51%)
Securities purchased under agreements to resell, securities
borrowed and federal funds sold 7,786,346 9,640,879 (19%) Loans
held for investment, net of allowance for loan losses of $3,351,304
and $2,399,491, at March 31, 2008 and December 31, 2007,
respectively 95,264,500 98,000,713 (3%) Investments in other
financial instruments, at estimated fair value 20,903,537
25,817,659 (19%) Mortgage servicing rights, at estimated fair value
17,154,574 18,958,180 (10%) Premises and equipment, net 1,582,483
1,564,438 1% Other assets 14,198,552 12,550,775 13% Total assets
$199,017,793 $208,366,924 (4%) Liabilities Deposit liabilities
$63,293,392 $60,200,599 5% Securities sold under agreements to
repurchase 17,862,890 18,218,162 (2%) Trading securities sold, not
yet purchased, at estimated fair value 2,180,954 3,686,978 (41%)
Notes payable (includes $1,692,472 carried at estimated fair value
at March 31, 2008) 87,651,431 97,227,413 (10%) Accounts payable and
accrued liabilities 11,641,310 10,194,358 14% Income taxes payable
3,232,760 4,183,543 (23%) Total liabilities 185,862,737 193,711,053
(4%) Commitments and contingencies - - - Shareholders' Equity
Preferred stock, par value $0.05 - authorized, 1,500,000 shares;
issued and outstanding at March 31, 2008 and December 31, 2007,
20,000 shares of 7.25% Series B non-voting convertible cumulative
shares with total liquidation preference of $2,000,000 1 1 0%
Common stock, par value $0.05 - authorized, 1,000,000,000 shares;
issued, 581,113,066 shares and 578,881,566 shares at March 31, 2008
and December 31, 2007, respectively; outstanding, 580,603,314
shares and 578,434,243 shares at March 31, 2008 and December 31,
2007, respectively 29,056 28,944 0% Additional paid-in capital
4,186,868 4,155,724 1% Retained earnings 9,662,386 10,644,511 (9%)
Accumulated other comprehensive loss (723,255) (173,309) 317% Total
shareholders' equity 13,155,056 14,655,871 (10%) Total liabilities
and shareholders' equity $199,017,793 $208,366,924 (4%) COUNTRYWIDE
FINANCIAL CORPORATION LOANS HELD FOR INVESTMENT, NET, OTHER ASSETS
AND MORTGAGE SERVICING RIGHTS March 31, December 31, % (in
thousands) 2008 2007 Change (unaudited) (audited) Loans Held for
Investment, Net Mortgage loans $91,638,178 $91,557,484 0% Defaulted
FHA-insured and VA-guaranteed loans repurchased from securities
3,071,946 2,691,563 14% Warehouse lending advances secured by
mortgage loans 1,146,138 887,134 29% 95,856,262 95,136,181 1%
Premiums and discounts and deferred loan origination fees and
costs, net (378,880) (363,560) 4% Allowance for loan losses
(3,351,304) (2,399,491) 40% 92,126,078 92,373,130 0% Mortgage loans
held in SPEs 3,138,422 5,627,583 (44%) Total loans held for
investment, net $95,264,500 $98,000,713 (3%) Other Assets
Reimbursable servicing advances, net $4,378,797 $3,981,703 10%
Margin accounts 2,123,485 669,391 217% Investments in Federal
Reserve Bank and Federal Home Loan Bank stock 2,098,782 2,172,987
(3%) Real estate acquired in settlement of loans 863,070 807,843 7%
Interest receivable 792,508 932,477 (15%) Estimated amounts
recoverable from pool mortgage insurance 612,530 555,803 10%
Receivables from custodial accounts 399,334 387,509 3% Capitalized
software, net 389,656 385,276 1% Prepaid expenses 382,263 374,943
2% Cash surrender value of assets held in trust for deferred
compensation plans 285,835 307,902 (7%) Securities broker-dealer
receivables 239,303 203,206 18% Cash surrender value of
Company-owned life insurance 217,988 229,835 (5%) Mortgage guaranty
insurance tax and loss bonds 188,667 165,066 14% Restricted cash
115,569 86,078 34% Receivables from sale of securities - 98,021
(100%) Other assets 1,110,765 1,192,735 (7%) Total other assets
$14,198,552 $12,550,775 13% Quarters Ended March 31, % 2008 2007
Change Mortgage Servicing Rights, at Estimated Fair Value Balance
at beginning of period $18,958,180 $16,172,064 17% Additions:
Servicing resulting from transfers of financial assets 834,778
1,898,903 (56%) Purchases of servicing assets 420 116,592 (100%)
Total additions 835,198 2,015,495 (59%) Less sale of MSRs (424,465)
- N/M Change in fair value: Due to changes in valuation inputs or
assumptions used in valuation model (1) (1,460,713) 54,183 N/M
Other changes in fair value (2) (753,626) (799,882) (6%) Balance at
end of period $17,154,574 $17,441,860 (2%) (1) Principally reflects
changes in discount rates and prepayment speed assumptions,
primarily due to changes in interest rates. (2) Represents changes
due to realization of expected cash flows. COUNTRYWIDE FINANCIAL
CORPORATION INVESTMENTS IN OTHER FINANCIAL INSTRUMENTS, AT
ESTIMATED FAIR VALUE March 31, December 31, % (in thousands) 2008
2007 Change (unaudited) (audited) Securities accounted for as
available-for-sale: Prime agency mortgage-backed securities
$1,640,924 $2,944,210 (44%) Prime non-agency mortgage-backed
securities 14,655,604 16,328,280 (10%) Subprime mortgage-backed
securities 1,111 35 N/M Obligations of U.S. Government-sponsored
enterprises 229,410 255,205 (10%) Municipal bonds 173,808 419,540
(59%) U.S. Treasury Securities 91,003 92,900 (2%) Corporate bonds
76,438 74,643 2% Subtotal 16,868,298 20,114,813 (16%) Interests
retained in securitization - non credit-sensitive: Mortgage-backed
pass-through securities 36,741 37,567 (2%) Prime interest-only and
principal-only securities 247,368 256,832 (4%) Prepayment penalty
bonds 6,175 9,516 (35%) Total interests retained in securitization
- non credit-sensitive 290,284 303,915 (4%) Interests retained in
securitization - credit-sensitive: Mortgage-backed pass-through
securities 144 281 (49%) Prime residual securities 9,514 8,026 19%
Prime home equity retained interests 70,528 84,969 (17%) Prime home
equity interest-only securities 8,826 9,143 (3%) Subprime
interest-only securities 21,755 20,918 4% Subprime residuals and
other related securities 19,051 8,852 115% Total interests retained
in securitization - credit-sensitive 129,818 132,189 (2%) Total
securities accounted for as available-for-sale 17,288,400
20,550,917 (16%) Financial instruments with changes in unrealized
gains and losses recognized in earnings in the period of change:
Securities accounted for as trading: Interests retained in
securitization - non credit-sensitive: Mortgage-backed pass-through
securities 351,972 559,880 (37%) Prime interest-only and
principal-only securities 664,053 745,160 (11%) Prepayment penalty
bonds 63,777 70,401 (9%) Interest rate swaps - 50 (100%) Total
interests retained in securitization - non credit-sensitive
1,079,802 1,375,491 (21%) Interests retained in securitization -
credit-sensitive: Mortgage-backed pass-through securities 12,371
34,424 (64%) Prime residual securities 19,379 12,531 55% Prime home
equity retained interests 155,080 328,569 (53%) Subprime residuals
and other related securities 166,443 263,278 (37%) Total interests
retained in securitization - credit-sensitive 353,273 638,802 (45%)
Servicing hedge principal-only securities - 908,358 (100%)
Municipal bonds 361,166 - N/M Corporate bonds 74,849 72,685 3%
Total securities accounted for as trading 1,869,090 2,995,336 (38%)
Hedging and mortgage pipeline derivatives 1,746,047 2,271,406 (23%)
Total financial instruments with changes in unrealized gains and
losses recognized in earnings in the period of change 3,615,137
5,266,742 (31%) Total investments in other financial instruments
$20,903,537 $25,817,659 (19%) COUNTRYWIDE FINANCIAL CORPORATION
NOTES PAYABLE March 31, December 31, % (in thousands) 2008 2007
Change (unaudited) (audited) Secured revolving lines of credit
$288,232 $1,547,648 (81%) Unsecured revolving lines of credit
10,820,000 10,820,000 0% Unsecured bank loan 660,000 660,000 0%
Borrowings from the Federal Reserve Bank - 750,000 (100%) Federal
Home Loan Bank advances 46,025,000 47,675,000 (3%) Medium-term
notes: Floating-rate 9,517,333 10,779,722 (12%) Fixed-rate
8,089,073 8,221,445 (2%) 17,606,406 19,001,167 (7%) Asset-backed
secured financings 3,161,420 9,453,478 (67%) Asset-backed secured
financings at estimated fair value 1,692,472 - N/M Convertible
debentures 4,000,000 4,000,000 0% Junior subordinated debentures
2,280,951 2,219,511 3% Subordinated debt 1,085,224 1,067,010 2%
Other 31,726 33,599 (6%) $87,651,431 $97,227,413 (10%) COUNTRYWIDE
FINANCIAL CORPORATION SELECTED OPERATING DATA (Unaudited) Quarters
Ended March 31, % (dollar amounts in millions) 2008 2007 Change
Production by segment: Mortgage Banking $67,370 $110,567 (39%)
Banking Operations 5,640 2,568 120% Capital Markets - conduit
acquisitions 3 1,829 (100%) Total Mortgage Loan Fundings 73,013
114,964 (36%) Commercial real estate 76 2,011 (96%) Total Loan
Fundings $73,089 $116,975 (38%) Number of loans produced 347,937
595,534 (42%) Mortgage Loan Fundings by Product: Government
Fundings $10,191 $3,539 188% ARM Fundings $12,180 $40,958 (70%)
Home Equity Fundings $2,221 $10,539 (79%) Nonprime Fundings $ -
$7,881 (100%) Mortgage Loan Fundings by Purpose: Non-purchase
$52,319 $71,798 (27%) Purchase 20,694 43,166 (52%) $73,013 $114,964
(36%) March 31, % 2008 2007 Change Mortgage loan pipeline
(loans-in-process) $45,529 $69,389 (34%) Loan servicing portfolio
(1) $1,484,157 $1,351,598 10% Number of loans serviced (1)
8,999,850 8,438,625 7% MSR portfolio (2) $1,361,945 $1,242,111 10%
Assets of Banking Operations $110,190 $84,261 31% Workforce Head
Count (3) 50,549 55,923 (10%) (1) Includes loans held for sale,
loans held for investment and loans serviced for others, including
those under subservicing agreements. (2) Represents loan servicing
portfolio reduced by loans held for sale, loans held for investment
and subservicing. (3) Workforce Head Count includes full-time
employees, contract, and temporary help. COUNTRYWIDE FINANCIAL
CORPORATION QUARTERLY SEGMENT ANALYSIS (Unaudited) Quarter Ended
March 31, 2008 Mortgage Banking Loan Loan Closing (in thousands)
Production Servicing Services Total Revenues Gain (loss) on sale of
loans and securities $1,045,544 $(404,173) $ - $641,371 Net
interest income (expense) after provision for loan losses 37,060
(270,175) 2,727 (230,388) Net loan servicing fees (1) - 137,933 -
137,933 Net insurance premiums earned - - - - Other revenue (2)
21,714 56,489 93,966 172,169 Total revenues 1,104,318 (479,926)
96,693 721,085 Expenses 871,943 337,620 63,518 1,273,081 Earnings
(loss) before income taxes $232,375 $(817,546) $33,175 $(551,996)
Capital (in thousands) Banking Markets Insurance Revenues Gain
(loss) on sale of loans and securities $(23,919) $5,774 $ - Net
interest income (expense) after provision for loan losses (657,901)
79,064 28,889 Net loan servicing fees (1) (108) 1,475 (179) Net
insurance premiums earned - - 488,829 Other revenue (2) 31,597
(4,868) 37,208 Total revenues (650,331) 81,445 554,747 Expenses
310,040 80,448 519,246 Earnings (loss) before income taxes
$(960,371) $997 $35,501 Global (in thousands) Operations Other
Grand Total Revenues Gain (loss) on sale of loans and securities $
- $(333,915) $289,311 Net interest income (expense) after provision
for loan losses 1,871 8,433 (770,032) Net loan servicing fees (1) -
316,336 455,457 Net insurance premiums earned - - 488,829 Other
revenue (2) 39,470 (60,267) 215,309 Total revenues 41,341 (69,413)
678,874 Expenses 30,362 (42,076) 2,171,101 Earnings (loss) before
income taxes $10,979 $(27,337) $(1,492,227) Quarter Ended March 31,
2007 Mortgage Banking Loan Loan Closing (in thousands) Production
Servicing Services Total Revenues Gain (loss) on sale of loans and
securities $1,064,422 $(31,262) $ - $1,033,160 Net interest income
(expense) after provision for loan losses 90,024 (16,684) 3,192
76,532 Net loan servicing fees (1) - 139,994 - 139,994 Net
insurance premiums earned - - - - Other revenue (2) 9,697 26,908
82,284 118,889 Total revenues 1,164,143 118,956 85,476 1,368,575
Expenses 993,489 219,262 55,520 1,268,271 Earnings (loss) before
income taxes $170,654 $(100,306) $29,956 $100,304 Capital (in
thousands) Banking Markets Insurance Revenues Gain (loss) on sale
of loans and securities $ - $189,796 $ - Net interest income
(expense) after provision for loan losses 386,648 60,624 17,012 Net
loan servicing fees (1) - 1,577 (907) Net insurance premiums earned
- - 334,177 Other revenue (2) 42,613 8,659 19,434 Total revenues
429,261 260,656 369,716 Expenses 141,167 128,448 190,058 Earnings
(loss) before income taxes $288,094 $132,208 $179,658 Global (in
thousands) Operations Other Grand Total Revenues Gain (loss) on
sale of loans and securities $ - $11,148 $1,234,104 Net interest
income (expense) after provision for loan losses 1,609 36,550
578,975 Net loan servicing fees (1) - (42,413) 98,251 Net insurance
premiums earned - - 334,177 Other revenue (2) 18,841 (48,167)
160,269 Total revenues 20,450 (42,882) 2,405,776 Expenses 16,444
(39,407) 1,704,981 Earnings (loss) before income taxes $4,006
$(3,475) $700,795 (1) Consists primarily of fees earned for
servicing mortgage loans, related ancillary fees and income from
retained interests, change in fair value of mortgage servicing
rights, recovery (impairment) of retained interests and servicing
hedge gains (losses). (2) Consists primarily of revenues from
ancillary products and services, including title, escrow,
appraisal, credit reporting and home inspection services and
insurance agency commissions. COUNTRYWIDE FINANCIAL CORPORATION
LOAN SERVICING SECTOR SERVICING PORTFOLIO DELINQUENCIES (Unaudited)
Servicing Portfolio Delinquencies (1) Quarters Ended March 31, 2008
December 31, 2007 March 31, 2007 Total 90+ day Total 90+ day Total
90+ day Conventional 1st liens 6.48% 3.19% 5.76% 2.28% 2.85% 0.82%
Government 1st liens 12.29% 5.00% 14.38% 5.27% 11.32% 4.41% Prime
home equity loans (including FRS) 8.29% 4.58% 7.32% 3.61% 3.77%
1.75% Subprime loans 35.88% 21.04% 33.64% 17.25% 19.62% 7.82% Total
servicing portfolio 9.27% 4.81% 8.64% 3.78% 4.90% 1.70% (1)
Delinquencies are based on outstanding loan balances and include
loans in foreclosure and are calculated using the MBA method. Using
the OTS method, total delinquency ratios would have been 6.34% at
March 31, 2008; 5.32% at December 31, 2007; and 2.59% at March 31,
2007. In the OTS method, a loan increases its delinquency status if
a monthly payment is not received by the loan's due date in the
following month. In the MBA method, a loan increases its
delinquency status if a monthly payment is not received by the end
of the day immediately preceding the loan's next due date.
COUNTRYWIDE FINANCIAL CORPORATION BANKING OPERATIONS KEY STATISTICS
AND CREDIT PERFORMANCE TRENDS (Unaudited) Quarters Ended March 31,
December 31, March 31, (dollar amounts in thousands) 2008 2007 2007
Banking Operations Key Operating Statistics Securities portfolio
$14,818,166 $17,730,604 $12,504,868 Total equity $8,099,711
$8,357,966 $5,029,782 After-tax return on average assets (1.93%)
(0.52%) 0.88% After-tax return on average equity (26.0%) (7.5%)
14.6% 90+ Day Delinquencies Banking Operations Loans Held for
Investment March 31, December 31, March 31, 2008 2007 2007
Pay-Option 9.4% 5.7% 1.0% Other First Lien 3.3% 2.1% 0.9% Prime
Home Equity 2.3% 1.6% 0.9% Subprime 11.6% 0.0% 0.0% Total 4.6% 3.0%
1.0% Charge-Offs/Losses(1) Banking Operations Loans Held for
Investment March 31, December 31, March 31, (amounts in thousands)
2008 2007 2007 Pay-Option $125,298 $35,449 $5,059 Other First Lien
40,592 14,753 3,334 Prime Home Equity 318,853 141,616 24,664
Subprime 363 - - Total $485,106 $191,818 $33,057 (1) Charge-offs in
Banking Operations generally occur at 180 days of delinquency.
COUNTRYWIDE FINANCIAL CORPORATION BANKING OPERATIONS CREDIT QUALITY
(Unaudited) (dollar amounts March 31, December 31, in thousands)
2008 2007 Non-performing residential loans: % assets % assets With
third party credit enhancement (1) $1,521,877 1.38% $1,272,116
1.12% Without third party credit enhancement 2,561,184 2.32%
1,611,951 1.43% Total non- performing loans 4,083,061 3.70%
2,884,067 2.55% Foreclosed real estate 505,213 0.46% 394,859 0.35%
Total non- performing assets $4,588,274 4.16% $3,278,926 2.90%
Allowances for credit losses Allowance for loan losses $3,005,345
$2,141,247 Liability for unfunded loan commitments 60,899 37,516
Estimated amounts recoverable from pool mortgage insurance
(612,530) (555,803) Total allowances for credit losses $2,453,714
$1,622,960 Allowances for credit losses as a percentage of: Total
non- performing loans 60.09% 56.27% Total non- performing loans
without third party credit enhancements 95.80% 100.68% Total loans
held for investment 2.81% 1.86% Quarters Ended March 31, 2008
December 31, 2007 March 31, 2007 Annualized Annualized Annualized
net net net charge-offs charge-offs charge-offs as % as % as %
average average average investment investment investment loans
loans loans Net charge-offs: $485,106 2.21% $191,818 0.93% $33,057
0.19% (1) Third party credit enhancements include borrower-paid
mortgage insurance and pool mortgage insurance acquired by the
Banking Operations. COUNTRYWIDE FINANCIAL CORPORATION BANKING
OPERATIONS AVERAGE BALANCE SHEET AND LOAN QUALITY (Unaudited)
Quarters Ended Average Balance Sheet March 31, 2008 Interest
Average Income/ Annualized (dollar amounts in thousands) Balance
Expense Yield/Rate Interest-earning assets Home loans Pay-option
ARMs $24,522,502 $372,244 6.07% Hybrid & other 1st liens
28,932,432 455,639 6.30% Home equity loans 33,802,616 654,244 7.76%
Commercial real estate loans 391,993 5,086 5.19% Investment
securities 17,035,693 239,485 5.62% Other assets 7,085,488 78,575
4.46% Total interest-earning assets $111,770,724 $1,805,273 6.47%
Interest-bearing liabilities Money market & savings deposits
$13,367,321 $133,583 4.02% Company-controlled custodial deposit
accounts 10,979,981 90,496 3.31% Time deposits (CDs) 37,228,475
471,218 5.09% Borrowings 38,870,090 476,521 4.93% Total
interest-bearing liabilities $100,445,867 $1,171,818 4.69% Net
interest spread 1.78% Net interest margin 2.25% December 31, 2007
Interest Average Income/ Annualized (dollar amounts in thousands)
Balance Expense Yield/Rate Interest-earning assets Home loans
Pay-option ARMs $28,115,759 $474,255 6.75% Hybrid & other 1st
liens 20,750,006 308,879 5.95% Home equity loans 33,054,628 689,559
8.32% Commercial real estate loans 520,491 7,921 6.04% Investment
securities 18,369,743 266,249 5.80% Other assets 4,345,516 61,250
5.59% Total interest-earning assets $105,156,143 $1,808,113 6.87%
Interest-bearing liabilities Money market & savings deposits
$15,326,681 $171,842 4.45% Company-controlled custodial deposit
accounts 14,354,288 164,645 4.55% Time deposits (CDs) 31,209,068
410,110 5.21% Borrowings 34,948,817 434,036 4.93% Total
interest-bearing liabilities $95,838,854 $1,180,633 4.89% Net
interest spread 1.98% Net interest margin 2.41% March 31, 2007
Interest Average Income/ Annualized (dollar amounts in thousands)
Balance Expense Yield/Rate Interest-earning assets Home loans
Pay-option ARMs $32,135,605 $591,547 7.36% Hybrid & other 1st
liens 18,655,609 258,177 5.54% Home equity loans 20,061,375 415,223
8.35% Commercial real estate loans 21,493 417 7.76% Investment
securities 7,574,841 101,450 5.36% Other assets 1,462,793 21,449
5.94% Total interest-earning assets $79,911,716 $1,388,263 6.97%
Interest-bearing liabilities Money market & savings deposits
$10,676,624 $136,174 5.17% Company-controlled custodial deposit
accounts 15,588,390 198,412 5.16% Time deposits (CDs) 29,328,133
369,146 5.10% Borrowings 17,681,984 187,791 4.31% Total
interest-bearing liabilities $73,275,131 $891,523 4.93% Net
interest spread 2.04% Net interest margin 2.45% Loan Quality (1)
March 31, 2008 LTV CLTV FICO Pay-option ARMs 76% 80% 715 Hybrid
& other 1st liens 74% 78% 728 Home equity loans 21% 84% 727
December 31, 2007 LTV CLTV FICO Pay-option ARMs 76% 79% 716 Hybrid
& other 1st liens 74% 78% 728 Home equity loans 20% 83% 729
March 31, 2007 LTV CLTV FICO Pay-option ARMs 75% 79% 717 Hybrid
& other 1st liens 74% 79% 733 Home equity loans 20% 81% 731 (1)
At time of origination; LTV=loan-to-value ratio; CLTV=combined LTV,
which included second mortgages at time of origination; FICO is a
commonly used credit scoring measure COUNTRYWIDE FINANCIAL
CORPORATION CAPITAL MARKETS SEGMENT RESULTS OF OPERATIONS AND
SECURITIES TRADING VOLUME (Unaudited) Quarters Ended March 31,
December 31, March 31, (in thousands) 2008 2007 2007 Revenues
Conduit $43,872 $136,764 $68,818 Commercial real estate 41,509
32,900 48,232 Underwriting 12,441 9,655 67,388 Brokering 10,151
12,326 12,377 Securities trading (24,911) (5,524) 34,764 Other
(1,617) 6,976 29,077 Total revenues 81,445 193,097 260,656 Expenses
Operating expenses 76,413 70,962 121,985 Allocated corporate
expenses 4,035 4,494 6,463 Total expenses 80,448 75,456 128,448
Total Capital Markets segment pre-tax earnings (loss) $997 $117,641
$132,208 Quarters Ended March 31, December 31, March 31, (in
millions) 2008 2007 2007 Securities Trading Volume: (1)
Mortgage-backed securities $686,041 $575,210 $560,269 U.S. Treasury
securities 225,584 272,536 365,329 Asset-backed securities 390
2,915 33,641 Other 15,748 17,983 38,703 Total securities trading
volume $927,763 $868,644 $997,942 (1) Includes trades with Mortgage
Banking Segment. COUNTRYWIDE FINANCIAL CORPORATION INSURANCE
SEGMENT KEY STATISTICS (Unaudited) Quarters Ended March 31,
December 31, March 31, (dollar amounts in thousands) 2008 2007 2007
Balboa Life & Casualty: Lender-placed net premiums earned
$312,227 $261,992 $166,734 Voluntary net premiums earned $86,627
$99,196 $104,183 Loss ratio 30% 41% 43% Combined ratio 61% 72% 81%
Quarters Ended March 31, December 31, March 31, 2008 2007 2007
Balboa Reinsurance: (in thousands) Reinsurance net earned premiums
$89,975 $85,864 $63,260 (in billions) Period end: Loans in CFC
servicing portfolio covered by Balboa Reinsurance $134 $122 $94
DATASOURCE: Countrywide Financial Corporation CONTACT: Investors,
David Bigelow or Lisa Riordan, both of Countrywide Financial
Corporation, +1-818-225-3550; or Media, 1-800-796-8448 Web site:
http://www.countrywide.com/
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