| |||||||||||
| |||||||||||
CALABASAS, Calif., Dec. 13 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended November 30, 2007. Key operational results included the following:
-- Mortgage loan fundings for the month of November 2007 totaled $23 billion, a 40 percent decline from November 2006.
-- Average daily mortgage loan application activity for November 2007 was $1.9 billion, a 32 percent decrease from November 2006. The mortgage loan pipeline was $43 billion at November 30, 2007, as compared to $62 billion for the same period last year.
-- The mortgage loan servicing portfolio continued to grow, reaching $1.47 trillion at November 30, 2007. This is an increase of $193 billion, or 15 percent, from November 30, 2006.
-- Banking Operations' assets were $109 billion at November 30, 2007, which compares to $82 billion at November 30, 2006.
-- Securities trading volume in the Capital Markets segment of $294 billion for November 2007 was 10 percent lower when compared with the same month last year.
-- Net earned premiums from the Insurance segment were $147 million in November 2007, up 47 percent from November 2006.
"November's operating results reflect the trends of today's mortgage market," said David Sambol, President and Chief Operating Officer. "Our total mortgage loan fundings were up 5 percent from the prior month, while average daily applications and the mortgage pipeline were up 6 percent and 4 percent, respectively, from October levels. Origination mix continues to shift as third-party originated fundings as a percent of total mortgage loan fundings have decreased year-over-year and retail fundings as a percent of total have increased. In addition, government fundings represented 10 percent of total mortgage loan fundings in November 2007 versus 3 percent in November 2006."
"Retail deposits at Countrywide Bank continued to grow during the month, and totaled $31 billion at the end of November, up from $29 billion last month and $24 billion at the end of November 2006," Sambol continued. "Our plan to have nearly 200 financial centers open by year-end is on track with 170 up and running at the end of November."
"Countrywide is pleased with the Bush administration's endorsement of the industry's HOPE NOW initiative," Sambol concluded. "As a founding member and strong advocate of the HOPE NOW Alliance, we commend all those involved for seeking ways to work together on a solution to assist
borrowers facing challenges in today's marketplace. This initiative aligns with Countrywide's own $16 billion home preservation plan announced in October."
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: increased cost of debt; reduced access to corporate debt markets or other sources of liquidity; unforeseen cash or capital requirements; a reduction in secondary mortgage market investor demand; increased credit losses due to downward trends in the economy and in the real estate market; increases in the delinquency rates of borrowers; competitive and general economic conditions in each of our business segments such as slower or negative home price appreciation; changes in general business, economic, market and political conditions in the United States and abroad from those expected; reduction in government support of homeownership; the level and volatility of interest rates; changes in interest rate paths; changes in debt ratings; 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; 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.Back to Countrywide Financial News
Back to Countrywide Corp
