e8vk

0000950129-04-009627.txt : 20041209 0000950129-04-009627.hdr.sgml : 20041209 20041209124930 ACCESSION NUMBER: 0000950129-04-009627 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20041209 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041209 DATE AS OF CHANGE: 20041209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COUNTRYWIDE FINANCIAL CORP CENTRAL INDEX KEY: 0000025191 STANDARD INDUSTRIAL CLASSIFICATION: MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162] IRS NUMBER: 132641992 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12331-01 FILM NUMBER: 041192543 BUSINESS ADDRESS: STREET 1: 4500 PARK GRANADA BLVD CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8182253000 MAIL ADDRESS: STREET 1: 4500 PARK GRANADA BLVD CITY: CALABASAS STATE: CA ZIP: 91302 FORMER COMPANY: FORMER CONFORMED NAME: COUNTRYWIDE CREDIT INDUSTRIES INC DATE OF NAME CHANGE: 19920703 8-K 1 v03900e8vk.htm COUNTRYWIDE FINANCIAL CORP.- DECEMBER 9, 2004 e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (date of earliest event reported): December 9, 2004

COUNTRYWIDE FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	1-8422	13-2641992
(State or other jurisdiction of incorporation	(Commission File Number)	(IRS Employer Identification No.)


4500 Park Granada, Calabasas, CA (Address of principal executive offices)		91302 (Zip Code)

Registrant’s telephone number, including area code: (818) 225-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS


Item 2.02. Results of Operations and Financial Condition
Item 9.01. Financial Statements and Exhibits
SIGNATURE
EX-99.26
EX-99.27

Item 2.02. Results of Operations and Financial Condition

On December 9, 2004, Countrywide Financial Corporation (the “Company”) issued a press release announcing information regarding its operational statistics for the month ended November 30, 2004, a copy of which is attached as Exhibit 99.26. On December 9, 2004, the Company also made available an updated version of its thirteen-month statistical data report on its website, www.countrywide.com, a copy of which is attached as Exhibit 99.27.

The information furnished pursuant to this Current Report on Form 8-K (including the exhibits hereto) shall not be considered “filed” under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly states in such filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01. Financial Statements and Exhibits


99.26		Press Release issued by Countrywide Financial Corporation (the “Company”) pertaining to its operational statistics for the month ended November 30, 2004.

99.27		Thirteen-month statistical data report made available by the Company on its website.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		COUNTRYWIDE FINANCIAL CORPORATION

Dated: December 9, 2004		/s/ Laura Milleman Laura Milleman Managing Director and Chief Accounting Officer

EX-99.26 2 v03900exv99w26.htm EX-99.26 exv99w26

(COUNTRYWIDE LOGO)


		INVESTOR CONTACT: (818) 225-3550 David Bigelow or Lisa Riordan MEDIA CONTACT: (800)796-8448

For Immediate Release

COUNTRYWIDE REPORTS NOVEMBER 2004 OPERATIONAL DATA
- - SERVICING PORTFOLIO REACHES $821 BILLION -
- - MONTHLY LOAN FUNDINGS RISE TO $31 BILLION -

CALABASAS, CA (December 9, 2004) — Countrywide Financial Corporation (NYSE: CFC), a diversified financial services provider, released operational data for the month ended November 30, 2004. Highlights included the following:

• Loan fundings for the month were $31 billion, an increase of 7 percent over last month and up 41 percent over November 2003. This brought year-to-date volume to $328 billion.

– Monthly purchase volume rose 2 percent over the last month to $15 billion, and was 54 percent more than November 2003. Year-to-date purchase activity reached $160 billion.

– Adjustable-rate fundings were flat compared to last month at $16 billion, but increased by 93 percent over November 2003, bringing year-to-date volume to $171 billion.

– Home equity funding activity of $3.1 billion was essentially flat compared to last month but 89 percent greater than November 2003. Year-to-date volume totaled $28 billion.

– Subprime volume rose by 6 percent over last month to $3.5 billion, which was 70 percent higher than November 2003. Year-to-date volume surpassed $35 billion.

• Average daily application activity remained at the $2 billion level, essentially unchanged compared to October 2004, and 36 percent greater than November 2003.

• The pipeline of loans-in-process was $51 billion, down 3 percent from last month, but 30 percent higher than November 2003.

• The servicing portfolio rose to $821 billion, up $190 billion or 30 percent over November 2003.

• Monthly securities trading volume rose 9 percent over last month to $260 billion, an increase of 32 percent over November 2003. This drove year-to-date volume to $2.9 trillion, surpassing the total amount generated in all of calendar 2003.

• Total assets at Countrywide Bank continued to climb, reaching $39 billion, an increase of 7 percent over last month and more than double the level at November 2003.

(more)

Investor Relations
4500 Park Granada – Calabasas, CA 91302 – 818-225-3550
http://www.countrywide.com


		Countrywide Home Loans, Inc. and Countrywide Bank, a division of Treasury Bank, NA, are Equal Housing Lenders. ©2002 Countrywide Financial Corporation. Trade/service marks are the property of Countrywide Financial Corporation and/or its subsidiaries. All rights reserved.

2-2-2

• Monthly net earned premiums at Balboa of $67 million declined by 1 percent from last month, and were flat compared to November 2003. Year-to-date premium volume was $713 million.

• Subservicing volume at Global Home Loans increased to $117 billion, up 14 percent over November 2003.

“November results reflect the dynamics of the current market,” said Stanford L. Kurland, President and Chief Operating Officer. “Overall production levels increased over last month driven by higher refinance activity. Average daily application volume remained robust at $2 billion, and the resulting pipeline of applications-in-process was $51 billion. The macro-hedge continues to operate effectively, as the servicing portfolio has grown by $190 billion since November 2003 to reach $821 billion. Successful execution of our production strategies coupled with portfolio retention efforts has enabled Countrywide to be the largest originator for the last four quarters, and moved us into the number one position in servicing according to Inside Mortgage Finance. We continue to focus on building our non-core businesses to lessen earnings volatility that results from fluctuating interest rate environments. We remain pleased with the progress of Countrywide Bank — where assets have now reached $39 billion — and the Capital Markets segment, where year-to-date securities trading volume has now topped last year’s record high.”

Founded in 1969, Countrywide Financial Corporation is a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide provides mortgage banking and diversified financial services. Mortgage banking businesses include loan production and loan servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans. Also included in Countrywide’s mortgage banking segment is the LandSafe group of companies which provide loan closing services. Diversified financial services encompass banking, capital markets, insurance, and global operations, largely through the activities of Countrywide Bank, a division of Treasury Bank, N.A., a bank offering depository and home loan products; Countrywide Capital Markets, a mortgage-related investment banker; Balboa Life and Casualty Group, whose companies are national providers of property, life and casualty insurance; Balboa Reinsurance, a captive mortgage reinsurance company; and Global Home Loans, a U.K. mortgage banking joint venture in which Countrywide holds a majority interest. For more information about the Company, visit Countrywide’s website at 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, 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: competitive and general economic conditions in each of our business segments; general economic conditions in the United States and abroad; loss of investment grade rating that may result in an increase in the cost of debt or loss of access to corporate debt markets; reduction in government support of homeownership; the level and volatility of interest rates; interest rate paths; the legal, regulatory and legislative environments in the markets in which the Company operates; and other risks detailed 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.

(tables follow)

Investor Relations
4500 Park Granada – Calabasas, CA 91302 – 818-225-3550
http://www.countrywide.com


		Countrywide Home Loans, Inc. and Countrywide Bank, a division of Treasury Bank, NA, are Equal Housing Lenders. ©2002 Countrywide Financial Corporation. Trade/service marks are the property of Countrywide Financial Corporation and/or its subsidiaries. All rights reserved.

3-3-3

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS⁽¹⁾
(Dollars in millions)


	Month Ended						Year-to-Date
	November 30,			November 30,			November 30,
	2004			2003			2004
LOAN PRODUCTION
Number of Working Days in the Period		21			19			232
Average Daily Loan Applications	$	2,010		$	1,479		$	2,028
Mortgage Loan Pipeline (loans in process)	$	50,638		$	38,841
Loan Fundings:
Consumer Markets Division	$	10,183		$	6,954		$	100,935
Wholesale Lending Division		6,775			4,725			65,856
Correspondent Lending Division		11,594			8,598			120,502

Total Mortgage Banking		28,552			20,277			287,293
Capital Markets		1,082			829			15,845
Treasury Bank ⁽²⁾		1,734			1,100			25,138

Total Loan Fundings	$	31,368		$	22,206		$	328,276

Loan Fundings in Units:
Consumer Markets Division		75,600			57,058			724,984
Wholesale Lending Division		37,491			28,887			368,847
Correspondent Lending Division		68,947			52,969			686,652

Total Mortgage Banking		182,038			138,914			1,780,483
Capital Markets		4,523			4,629			64,550
Treasury Bank ⁽²⁾		8,862			13,257			245,851

Total Loan Fundings in Units		195,423			156,800			2,090,884

Loan Fundings:
Purchase ⁽³⁾	$	15,154		$	9,852		$	159,953
Non-purchase ⁽³⁾		16,214			12,354			168,323

Total Loan Fundings	$	31,368		$	22,206		$	328,276

Government Fundings	$	953		$	1,370		$	12,372
ARM Fundings	$	16,422		$	8,487		$	171,474
Home Equity Fundings	$	3,061		$	1,620		$	27,745
Subprime Fundings	$	3,459		$	2,029		$	35,135
LOAN SERVICING ⁽⁴⁾
Volume	$	821,287		$	631,470
Units		6,113,193			5,001,743
Subservicing Volume ⁽⁵⁾	$	17,421		$	13,671
Subservicing Units		174,875			157,785
Prepayments in Full	$	16,013		$	11,403		$	166,569
Bulk Servicing Acquisitions	$	1,870		$	144		$	35,820
Portfolio Delinquency (%) - CHL ⁽⁶⁾		3.85	%		3.90	%
Foreclosures Pending (%) - CHL ⁽⁶⁾		0.41	%		0.43	%

(more)

4-4-4

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS⁽¹⁾
(Dollars in millions)


	Month Ended						Year-to-Date
	November 30,			November 30,			November 30,
	2004			2003			2004
LOAN CLOSING SERVICES (units)
Credit Reports		634,685			420,843			6,912,152
Flood Determinations		235,665			173,044			2,584,026
Appraisals		80,253			44,475			722,176
Automated Property Valuation Services		508,451			314,886			4,936,685
Other		15,895			9,741			160,899

Total Units		1,474,949			962,989			15,315,938

CAPITAL MARKETS
Securities Trading Volume ⁽⁷⁾	$	260,065		$	196,586		$	2,866,006
BANKING
Assets Held by Treasury Bank (in billions)	$	38.8		$	17.7
INSURANCE
Net Premiums Earned:
Carrier	$	54		$	54		$	570
Reinsurance		13			13			143

Total Net Premiums Earned	$	67		$	67		$	713

GLOBAL OPERATIONS
Global Home Loans Subservicing Volume (in billions)	$	117		$	103
Period-end Rates
10-Year U.S. Treasury Yield		4.36	%		4.34	%
FNMA 30-Year Fixed Rate MBS Coupon		5.27	%		5.41	%


⁽¹⁾		The above data reflect current operating statistics and do not constitute all factors impacting the quarterly and annual financial results of the Company. All figures are unaudited and monthly figures may be adjusted in the reported financial statements of the Company. Such financial statements are provided by the Company quarterly. The Company makes no commitment to update this information for changes in circumstances or events which occur subsequent to the date of this release.

⁽²⁾		Treasury Bank funds loans for investment purposes; these loans are processed for Treasury Bank by the production divisions.

⁽³⁾		Purchase fundings include first trust deed and home equity loans used as purchase money debt in the acquisition of a home. Non-purchase fundings include first trust deed refinance loans, home equity refinance loans, and stand-alone home equity loans.

⁽⁴⁾		Includes loans held for sale, loans held for investment, and loans serviced under subservicing agreements for others.

⁽⁵⁾		Subservicing volume for other clients.

⁽⁶⁾		Expressed as a percentage of the total number of loans serviced, excluding subserviced loans and portfolios purchased at a discount due to their non-performing status.

⁽⁷⁾		Includes trades with Mortgage Banking Division.

###

EX-99.27 3 v03900exv99w27.htm EX-99.27 exv99w27

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
ROLLING THIRTEEN MONTH STATISTICAL DATA
(Dollars in millions)


	Nov-03			Dec-03			Jan-04			Feb-04			Mar-04			Apr-04			May-04
LOAN PRODUCTION
Number of Working Days in the Period		19			22			20			19			23			22			20
Average Daily Loan Applications	$	1,479		$	1,339		$	1,776		$	1,968		$	2,455		$	2,041		$	1,945
Mortgage Loan Pipeline (loans-in-process)	$	38,841		$	32,969		$	38,354		$	43,760		$	57,422		$	54,836		$	49,675
Loan Fundings:
Consumer Markets Division	$	6,954		$	7,670		$	6,211		$	7,326		$	9,522		$	11,115		$	9,815
Wholesale Lending Division		4,725			4,902			3,844			4,801			6,993			7,727			6,208
Correspondent Lending Division		8,598			9,390			8,240			8,518			12,029			14,362			11,986

Total Mortgage Banking		20,277			21,962			18,295			20,645			28,544			33,204			28,009
Capital Markets		829			1,489			1,013			1,046			1,265			494			1,875
Treasury Bank (1)		1,100			1,698			1,312			1,582			2,502			2,147			1,931

Total Loan Fundings	$	22,206		$	25,149		$	20,620		$	23,273		$	32,311		$	35,845		$	31,815

Loan Fundings in Units:
Consumer Markets Division		57,058			61,031			49,154			54,962			68,664			75,880			68,759
Wholesale Lending Division		28,887			29,638			22,685			27,880			39,820			42,114			34,247
Correspondent Lending Division		52,969			57,079			49,694			50,250			67,815			77,570			65,425

Total Mortgage Banking		138,914			147,748			121,533			133,092			176,299			195,564			168,431
Capital Markets		4,629			6,357			4,680			3,491			5,114			1,463			6,740
Treasury Bank (1)		13,257			16,861			14,681			16,760			23,351			21,909			21,779

Total Loan Fundings in Units		156,800			170,966			140,894			153,343			204,764			218,936			196,950

Loan Fundings:
Purchase (2)	$	9,852		$	12,115		$	9,274		$	9,226		$	13,127		$	13,883		$	14,575
Non-purchase (2)		12,354			13,034			11,346			14,047			19,184			21,962			17,240

Total Loan Fundings	$	22,206		$	25,149		$	20,620		$	23,273		$	32,311		$	35,845		$	31,815

Government Fundings	$	1,370		$	1,343		$	1,161		$	1,117		$	1,530		$	1,491		$	1,235
ARM Fundings	$	8,487		$	9,679		$	9,478		$	10,293		$	13,872		$	15,739		$	15,745
Home Equity Fundings	$	1,620		$	1,805		$	1,564		$	1,637		$	2,088		$	2,242		$	2,272
Subprime Fundings	$	2,029		$	2,257		$	2,009		$	2,124		$	2,759		$	2,765		$	3,044
LOAN SERVICING (3)
Volume	$	631,470		$	644,855		$	657,541		$	669,076		$	682,848		$	693,768		$	706,943
Units		5,001,743			5,080,621			5,162,726			5,234,634			5,313,058			5,372,526			5,443,555
Subservicing Volume (4)	$	13,671		$	14,404		$	15,871		$	15,548		$	15,307		$	15,028		$	15,289
Subservicing Units		157,785			159,357			166,923			163,190			166,514			163,842			163,931
Prepayments in Full	$	11,403		$	11,845		$	9,387		$	13,090		$	18,317		$	23,557		$	17,593
Bulk Servicing Acquisitions	$	144		$	1,054		$	3,706		$	3,123		$	2,349		$	1,122		$	1,563
Portfolio Delinquency - CHL (5)		3.90	%		3.91	%		3.71	%		3.71	%		3.20	%		3.19	%		3.49	%
Foreclosures Pending - CHL (5)		0.43	%		0.43	%		0.43	%		0.44	%		0.42	%		0.38	%		0.36	%

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Jun-04			Jul-04			Aug-04			Sep-04			Oct-04			Nov-04			YTD
LOAN PRODUCTION
Number of Working Days in the Period		22			21			22			21			21			21			232
Average Daily Loan Applications	$	1,905		$	2,006		$	2,051		$	2,098		$	1,991		$	2,010		$	2,028
Mortgage Loan Pipeline (loans-in-process)	$	47,317		$	48,142		$	50,024		$	50,887		$	51,990		$	50,638
Loan Fundings:
Consumer Markets Division	$	9,804		$	8,841		$	9,288		$	9,164		$	9,666		$	10,183		$	100,935
Wholesale Lending Division		5,913			5,376			6,102			5,881			6,236			6,775			65,856
Correspondent Lending Division		11,560			10,405			11,152			10,810			9,846			11,594			120,502

Total Mortgage Banking		27,277			24,622			26,542			25,855			25,748			28,552			287,293
Capital Markets		2,230			2,396			1,592			2,123			729			1,082			15,845
Treasury Bank (1)		2,496			2,686			2,988			3,020			2,740			1,734			25,138

Total Loan Fundings	$	32,003		$	29,704		$	31,122		$	30,998		$	29,217		$	31,368		$	328,276

Loan Fundings in Units:
Consumer Markets Division		69,912			63,813			67,019			64,123			67,098			75,600			724,984
Wholesale Lending Division		33,270			30,710			34,422			32,818			33,390			37,491			368,847
Correspondent Lending Division		65,668			60,992			64,659			60,219			55,413			68,947			686,652

Total Mortgage Banking		168,850			155,515			166,100			157,160			155,901			182,038			1,780,483
Capital Markets		8,486			9,949			6,948			10,288			2,868			4,523			64,550
Treasury Bank (1)		26,627			26,236			28,829			28,736			28,081			8,862			245,851

Total Loan Fundings in Units		203,963			191,700			201,877			196,184			186,850			195,423			2,090,884

Loan Fundings:
Purchase (2)	$	17,491		$	17,541		$	17,797		$	17,001		$	14,884		$	15,154		$	159,953
Non-purchase (2)		14,512			12,163			13,325			13,997			14,333			16,214			168,323

Total Loan Fundings	$	32,003		$	29,704		$	31,122		$	30,998		$	29,217		$	31,368		$	328,276

Government Fundings	$	1,119		$	1,039		$	961		$	934		$	832		$	953		$	12,372
ARM Fundings	$	17,259		$	17,021		$	18,278		$	21,026		$	16,341		$	16,422		$	171,474
Home Equity Fundings	$	2,787		$	2,838		$	3,056		$	3,164		$	3,036		$	3,061		$	27,745
Subprime Fundings	$	3,745		$	3,785		$	4,275		$	3,894		$	3,276		$	3,459		$	35,135
LOAN SERVICING (3)
Volume	$	726,227		$	746,905		$	765,342		$	785,992		$	805,922		$	821,287
Units		5,547,050			5,668,620			5,773,837			5,889,950			6,018,496			6,113,193
Subservicing Volume (4)	$	16,027		$	16,843		$	16,312		$	17,861		$	16,869		$	17,421
Subservicing Units		163,396			172,602			169,665			174,079			171,273			174,875
Prepayments in Full	$	14,945		$	12,430		$	13,232		$	13,669		$	14,336		$	16,013		$	166,569
Bulk Servicing Acquisitions	$	1,634		$	4,187		$	4,626		$	3,399		$	8,241		$	1,870		$	35,820
Portfolio Delinquency - CHL (5)		3.48	%		3.51	%		3.57	%		3.73	%		3.92	%		3.85	%
Foreclosures Pending - CHL (5)		0.37	%		0.37	%		0.35	%		0.35	%		0.37	%		0.41	%

(more)

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
ROLLING THIRTEEN MONTH STATISTICAL DATA
(Dollars in millions)


	Nov-03			Dec-03			Jan-04			Feb-04			Mar-04			Apr-04			May-04
LOAN CLOSING SERVICES (units)
Credit Reports		420,843			405,336			533,055			547,704			738,113			626,142			574,524
Flood Determinations		173,044			172,325			188,682			195,380			277,958			246,580			214,494
Appraisals		44,475			47,004			44,146			51,425			69,074			65,975			58,912
Automated Property Valuation Services		314,886			319,220			333,803			356,077			439,015			473,601			456,663
Other		9,741			12,096			14,750			14,218			16,379			16,058			13,583

Total Units		962,989			955,981			1,114,436			1,164,804			1,540,539			1,428,356			1,318,176

CAPITAL MARKETS
Securities Trading Volume (6)	$	196,586		$	179,390		$	192,618		$	221,082		$	276,738		$	274,862		$	292,116
BANKING
Assets Held by Treasury Bank (in billions)	$	17.7		$	19.4		$	20.3		$	21.8		$	23.7		$	24.9		$	25.6
INSURANCE
Net Premiums Earned:
Carrier	$	54		$	51		$	56		$	52		$	50		$	50		$	48
Reinsurance		13			13			12			13			12			13			13

Total Net Premiums Earned	$	67		$	64		$	68		$	65		$	62		$	63		$	61

GLOBAL OPERATIONS
Global Home Loans Subservicing Volume (in billions)	$	103		$	106		$	109		$	112		$	111		$	108		$	111
Workforce Head Count: (7)
Loan Originations		18,933			19,018			19,020			19,395			20,560			21,696			22,400
Loan Servicing		6,098			6,069			6,017			5,870			5,802			5,828			5,864
Loan Closing Services		841			820			914			925			899			938			993
Insurance		1,856			1,823			1,781			1,768			1,762			1,809			1,822
Capital Markets		476			477			484			491			494			513			517
Global Operations		1,997			1,981			1,899			1,948			1,993			1,961			1,965
Banking		800			803			799			819			845			888			956
Corporate Overhead & Other		3,282			3,307			3,347			3,366			3,389			3,441			3,529

Total Workforce Head Count		34,283			34,298			34,261			34,582			35,744			37,074			38,046

Period-end Rates
10-Year U.S. Treasury Yield		4.34	%		4.27	%		4.16	%		3.99	%		3.86	%		4.53	%		4.66	%
FNMA 30-Year Fixed Rate MBS Coupon		5.41	%		5.28	%		5.19	%		5.00	%		4.94	%		5.59	%		5.75	%

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Jun-04			Jul-04			Aug-04			Sep-04			Oct-04			Nov-04			YTD
LOAN CLOSING SERVICES (units)
Credit Reports		631,763			630,223			677,931			657,661			660,351			634,685			6,912,152
Flood Determinations		239,522			243,241			265,888			239,230			237,386			235,665			2,584,026
Appraisals		59,839			62,732			74,314			78,118			77,388			80,253			722,176
Automated Property Valuation Services		480,364			467,030			480,329			463,760			477,592			508,451			4,936,685
Other		15,332			13,252			13,324			13,678			14,430			15,895			160,899

Total Units		1,426,820			1,416,478			1,511,786			1,452,447			1,467,147			1,474,949			15,315,938

CAPITAL MARKETS
Securities Trading Volume (6)	$	314,599		$	266,645		$	240,678		$	287,475		$	239,128		$	260,065		$	2,866,006
BANKING
Assets Held by Treasury Bank (in billions)	$	27.2		$	28.6		$	30.9		$	33.9		$	36.4		$	38.8
INSURANCE
Net Premiums Earned:
Carrier	$	51		$	54		$	51		$	50		$	54		$	54		$	570
Reinsurance		13			13			13			14			14			13			143

Total Net Premiums Earned	$	64		$	67		$	64		$	64		$	68		$	67		$	713

GLOBAL OPERATIONS
Global Home Loans Subservicing Volume (in billions)	$	110		$	110		$	109		$	110		$	112		$	117
Workforce Head Count: (7)
Loan Originations		23,035			23,114			23,680			24,334			24,899			25,203
Loan Servicing		5,908			5,910			5,920			5,961			6,079			6,202
Loan Closing Services		1,019			1,049			1,072			1,100			1,113			1,123
Insurance		1,826			1,854			1,845			1,881			1,880			1,880
Capital Markets		529			540			554			559			566			564
Global Operations		1,955			1,929			1,942			1,935			1,949			1,877
Banking		1,003			1,015			1,083			1,164			1,184			1,213
Corporate Overhead & Other		3,660			3,814			3,889			4,001			4,033			4,102

Total Workforce Head Count		38,935			39,225			39,985			40,935			41,703			42,164

Period-end Rates
10-Year U.S. Treasury Yield		4.62	%		4.50	%		4.13	%		4.14	%		4.05	%		4.36	%
FNMA 30-Year Fixed Rate MBS Coupon		5.59	%		5.48	%		5.16	%		5.23	%		5.11	%		5.27	%

(1) Treasury Bank funds loans for investment purposes; these loans are processed for Treasury Bank by the production divisions.

(2) Purchase fundings include first trust deed and home equity loans used as purchase money debt in the acquisition of a home. Non-purchase fundings include first trust deed refinance loans, home equity refinance loans, and stand-alone home equity loans.

(3) Includes loans held for sale, loans held for investment, and loans serviced under subservicing agreements for others.

(4) Subservicing volume for other clients.

(5) Expressed as a percentage of the total number of loans serviced, excluding subserviced loans and portfolios purchased at a discount due to their non-performing status.

(6) Includes trades with Mortgage Banking Division.

(7) Workforce Head Count includes full-time employees, contract, and temporary help.

# # #

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Table of Contents

Table of Contents

		o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

		o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

		o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

		o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

	–		Monthly purchase volume rose 2 percent over the last month to $15 billion, and was 54 percent more than November 2003. Year-to-date purchase activity reached $160 billion.

	–		Adjustable-rate fundings were flat compared to last month at $16 billion, but increased by 93 percent over November 2003, bringing year-to-date volume to $171 billion.

	–		Home equity funding activity of $3.1 billion was essentially flat compared to last month but 89 percent greater than November 2003. Year-to-date volume totaled $28 billion.

	–		Subprime volume rose by 6 percent over last month to $3.5 billion, which was 70 percent higher than November 2003. Year-to-date volume surpassed $35 billion.

	•		Average daily application activity remained at the $2 billion level, essentially unchanged compared to October 2004, and 36 percent greater than November 2003.

	•		The pipeline of loans-in-process was $51 billion, down 3 percent from last month, but 30 percent higher than November 2003.

	•		The servicing portfolio rose to $821 billion, up $190 billion or 30 percent over November 2003.

	•		Monthly securities trading volume rose 9 percent over last month to $260 billion, an increase of 32 percent over November 2003. This drove year-to-date volume to $2.9 trillion, surpassing the total amount generated in all of calendar 2003.

	•		Total assets at Countrywide Bank continued to climb, reaching $39 billion, an increase of 7 percent over last month and more than double the level at November 2003.

	•		Monthly net earned premiums at Balboa of $67 million declined by 1 percent from last month, and were flat compared to November 2003. Year-to-date premium volume was $713 million.

	•		Subservicing volume at Global Home Loans increased to $117 billion, up 14 percent over November 2003.