e8vk

0000950129-05-003519.txt : 20050408 0000950129-05-003519.hdr.sgml : 20050408 20050408151136 ACCESSION NUMBER: 0000950129-05-003519 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050408 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050408 DATE AS OF CHANGE: 20050408 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: 05741355 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 v07742e8vk.htm COUNTRYWIDE FINANCIAL CORPORATION - DATED 4/8/2005 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): April 8, 2005

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		91302
(Address of principal executive offices)		(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
Exhibit 99.1
Exhibit 99.2

Item 2.02. Results of Operations and Financial Condition

On April 8, 2005, Countrywide Financial Corporation (the “Company”) issued a press release announcing information regarding its operational statistics for the month ended March 31, 2005, a copy of which is attached as Exhibit 99.1. On April 8, 2005, 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 99.2.

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

99.1 Press Release issued by Countrywide Financial Corporation (the “Company”) pertaining to its operational statistics for the month ended March 31, 2005.

99.2 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: April 7, 2005 /s/ Laura Milleman
Laura Milleman
Senior Managing Director and Chief Accounting Officer

EXHIBIT INDEX


Exhibit
No.		Description
99.1		Press Release issued by Countrywide Financial Corporation (the “Company”) pertaining to its operational statistics for the month ended March 31, 2005.

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

EX-99.1 2 v07742exv99w1.htm EXHIBIT 99.1 exv99w1

NEWS

(COUNTRYWIDE LOGO)

INVESTOR CONTACT: (818) 225-3550
David Bigelow or Lisa Riordan

MEDIA CONTACT: (800)796-8448

COUNTRYWIDE REPORTS MARCH 2005 OPERATIONAL DATA
– FIRST QUARTER 2005 MORTGAGE FUNDINGS TOTAL $91 BILLION –
– MORTGAGE LOAN PIPELINE INCREASES TO $59 BILLION –
– SERVICING PORTFOLIO REACHES $893 BILLION –
– TOTAL ASSETS AT COUNTRYWIDE BANK SURPASS $50 BILLION MARK –

CALABASAS, CA (April 8, 2005) – Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended March 31, 2005. Highlights included the following:

• Mortgage loan fundings rose by 35 percent over February to $36 billion, helped in part by four more working days in March than in February, and were 12 percent higher than March 2004, which had the same number of working days. Total mortgage funding activity for the first quarter of 2005 was $91 billion, 20 percent more than the first quarter of 2004, but down 4 percent from the fourth quarter of 2004.

– Monthly purchase volume of $17 billion rose 37 percent over the prior month and was 26 percent more than March 2004. Quarter-to-date purchase fundings reached $41 billion, an increase of 30 percent over the first quarter of 2004.

– Adjustable-rate loan fundings of $19 billion were 38 percent more than the prior month and 40 percent higher than March 2004. Adjustable-rate fundings for the first quarter of 2005 totaled $49 billion, rising 45 percent over the first quarter of 2004.

– Monthly home equity loan fundings were $3.4 billion, up 30 percent compared to the prior month and 63 percent more than March 2004. First quarter 2005 home equity volume of $8.8 billion rose 66 percent over the first quarter of 2004.

– Nonprime loan volume was $3.4 billion, an increase of 29 percent over the prior month and 22 percent more than March 2004. Nonprime lending for the first quarter of 2005 totaled $9.8 billion, up 42 percent as compared to the first quarter of 2004.

• Average daily mortgage loan application activity for the month totaled $2.4 billion, rising 1 percent from February, but down 4 percent from March 2004. The mortgage loan pipeline rose by 7 percent over the prior month to reach $59 billion and was up 2 percent from March 2004.

• The mortgage loan servicing portfolio reached $893 billion, an increase of $211 billion, or 31 percent, over March 2004.

(more)

2-2-2

•   Securities trading volume at Capital Markets reached $324 billion for the month, increasing 26 percent over last month and 17 percent from March 2004. This brought first quarter 2005 securities trading volume to $829 billion, up 20 percent from the first quarter of 2004.

•   Total assets at Countrywide Bank reached $51 billion, advancing 11 percent over last month and more than doubling from the level at March 2004.

•   Monthly net earned premiums at Balboa were $66 million, an increase of 4 percent from last month and 6 percent more than March 2004. Net earned premiums for the first quarter of 2005 reached $200 million, up 2 percent over the first quarter of 2004.

•   Subservicing volume at Global Home Loans was $115 billion, up 4 percent from March 2004.

“Mortgage Banking efforts were driven by solid performance from the Production Sector in all major product categories,” said Stanford L. Kurland, President and Chief Operating Officer. “A strong mortgage loan pipeline at quarter-end suggests continued momentum in production activities as we head into the second quarter of 2005. Production volume, coupled with bulk servicing acquisitions, drove the servicing portfolio to nearly $900 billion at quarter-end. Growth in diversification initiatives was led by Countrywide Bank, whose assets climbed to $51 billion, up 25 percent over year-end 2004. For the quarter, securities trading volume in the Capital Markets segment was 9 percent more than the fourth quarter of 2004, driven in part by growth in US Treasury trading activity. Overall, the infrastructure of our Mortgage Banking and Diversified Businesses, focused leadership by senior management, and an experienced workforce favorably position the Company in the marketplace.”

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 prime and nonprime 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; changes in 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)

Exhibit 99.1

3-3-3

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


	Month Ended						Year-to-Date
	March 31,			March 31,			March 31,
	2005			2004			2005
LOAN PRODUCTION
Number of Working Days in the Period		23			23			61
Average Daily Mortgage Loan Applications	$	2,362		$	2,455		$	2,273
Mortgage Loan Pipeline (loans-in-process)	$	58,803		$	57,422
Commercial Real Estate Loan Pipeline (loans-in-process)	$	393		$	—
Loan Fundings:
Consumer Markets Division	$	11,418		$	9,522		$	28,085
Wholesale Lending Division		6,802			6,993			17,357
Correspondent Lending Division		13,405			12,029			33,307

Total Mortgage Banking		31,625			28,544			78,749
Capital Markets		950			1,265			4,190
Treasury Bank ⁽²⁾		3,734			2,502			8,521

Total Mortgage Loan Fundings		36,309			32,311			91,460
Commercial Real Estate Fundings		91			—			564

Total Loan Fundings	$	36,400		$	32,311		$	92,024

Loan Fundings in Units:
Consumer Markets Division		69,690			68,664			180,334
Wholesale Lending Division		35,407			39,820			90,058
Correspondent Lending Division		68,324			67,815			177,013

Total Mortgage Banking		173,421			176,299			447,405
Capital Markets		3,774			5,114			18,029
Treasury Bank ⁽²⁾		33,006			23,351			72,879

Total Mortgage Loan Fundings in Units		210,201			204,764			538,313
Commercial Real Estate Units		9			—			26

Total Loan Fundings in Units		210,210			204,764			538,339

Mortgage Loan Fundings:
Purchase ⁽³⁾	$	16,502		$	13,127		$	41,220
Non-purchase ⁽³⁾		19,807			19,184			50,240

Total Mortgage Loan Fundings	$	36,309		$	32,311		$	91,460

Mortgage Loan Fundings by Product:
Government Fundings	$	796		$	1,530		$	2,137
ARM Fundings	$	19,484		$	13,872		$	48,645
Home Equity Fundings	$	3,413		$	2,088		$	8,763
Nonprime Fundings	$	3,364		$	2,759		$	9,820
MORTGAGE LOAN SERVICING ⁽⁴⁾
Volume	$	893,405		$	682,848
Units		6,517,536			5,313,058
Subservicing Volume ⁽⁵⁾	$	21,208		$	15,307
Subservicing Units		207,380			166,514
Prepayments in Full	$	20,809		$	18,317		$	45,007
Bulk Servicing Acquisitions	$	5,320		$	2,349		$	17,931
Portfolio Delinquency (%) — CHL⁽⁶⁾		3.31	%		3.20	%
Foreclosures Pending (%) — CHL⁽⁶⁾		0.43	%		0.42	%

(more)

4-4-4

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


	Month Ended						Year-to-Date
	March 31,			March 31,			March 31,
	2005			2004			2005
LOAN CLOSING SERVICES (units)
Credit Reports		872,342			738,113			2,263,824
Flood Determinations		296,382			267,378			790,630
Appraisals		97,743			69,074			242,493
Automated Property Valuation Services		655,246			439,015			1,659,994
Other		18,862			16,379			50,226

Total Units		1,940,575			1,529,959			5,007,167

CAPITAL MARKETS
Securities Trading Volume⁽⁷⁾	$	324,100		$	276,738		$	828,621
BANKING
Assets Held by Treasury Bank (in billions)	$	51.1		$	23.7
INSURANCE
Net Premiums Earned:
Carrier	$	52.0		$	50.4		$	155.8
Reinsurance		14.4			12.4			43.7

Total Net Premiums Earned	$	66.4		$	62.8		$	199.5

GLOBAL OPERATIONS
Global Home Loans Subservicing Volume (in billions)	$	115		$	111
Period-end Rates
10-Year U.S. Treasury Yield		4.50	%		3.86	%
FNMA 30-Year Fixed Rate MBS Coupon		5.48	%		4.94	%

⁽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-99.2 3 v07742exv99w2.htm EXHIBIT 99.2 exv99w2

Exhibit 99.2

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


	Mar-04			Apr-04			May-04			Jun-04			Jul-04			Aug-04			Sep-04			Oct-04			Nov-04			Dec-04			Jan-05			Feb-05			Mar-05			YTD
LOAN PRODUCTION
Number of Working Days in the Period		23			22			20			22			21			22			21			21			21			22			19			19			23			61
Average Daily Mortgage Loan Applications	$	2,455		$	2,041		$	1,945		$	1,905		$	2,006		$	2,051		$	2,098		$	1,991		$	2,010		$	1,983		$	2,107		$	2,329		$	2,362		$	2,273
Mortgage Loan Pipeline (loans-in-process)	$	57,422		$	54,836		$	49,675		$	47,317		$	48,142		$	50,024		$	50,887		$	51,990		$	50,638		$	47,768		$	47,842		$	54,774		$	58,803
Commercial Real Estate Loan Pipeline (loans-in-process)		—			—			—			—		$	7		$	72		$	109		$	229		$	327		$	308		$	233		$	308		$	393
Loan Fundings:
Consumer Markets Division	$	9,522		$	11,115		$	9,815		$	9,804		$	8,841		$	9,288		$	9,164		$	9,666		$	10,183		$	10,440		$	8,147		$	8,520		$	11,418		$	28,085
Wholesale Lending Division		6,993			7,727			6,208			5,913			5,376			6,102			5,881			6,236			6,775			6,992			5,177			5,378			6,802			17,357
Correspondent Lending Division		12,029			14,362			11,986			11,560			10,405			11,152			10,810			9,846			11,594			13,086			10,254			9,648			13,405			33,307

Total Mortgage Banking		28,544			33,204			28,009			27,277			24,622			26,542			25,855			25,748			28,552			30,518			23,578			23,546			31,625			78,749
Capital Markets		1,265			494			1,875			2,230			2,396			1,592			2,123			729			1,082			2,234			2,190			1,050			950			4,190
Treasury Bank (1)		2,502			2,147			1,931			2,496			2,686			2,988			3,020			2,740			1,734			1,978			2,477			2,310			3,734			8,521

Total Mortgage Loan Fundings		32,311			35,845			31,815			32,003			29,704			31,122			30,998			29,217			31,368			34,730			28,245			26,906			36,309			91,460
Commercial Real Estate Fundings		—			—			—			—			—			—			3			48			126			181			247			226			91			564

Total Loan Fundings	$	32,311		$	35,845		$	31,815		$	32,003		$	29,704		$	31,122		$	31,001		$	29,265		$	31,494		$	34,911		$	28,492		$	27,132		$	36,400		$	92,024

Loan Fundings in Units:
Consumer Markets Division		68,664			75,880			68,759			69,912			63,813			67,019			64,123			67,098			75,600			72,025			53,993			56,651			69,690			180,334
Wholesale Lending Division		39,820			42,114			34,247			33,270			30,710			34,422			32,818			33,390			37,491			38,476			26,805			27,846			35,407			90,058
Correspondent Lending Division		67,815			77,570			65,425			65,668			60,992			64,659			60,219			55,413			68,947			74,305			57,064			51,625			68,324			177,013

Total Mortgage Banking		176,299			195,564			168,431			168,850			155,515			166,100			157,160			155,901			182,038			184,806			137,862			136,122			173,421			447,405
Capital Markets		5,114			1,463			6,740			8,486			9,949			6,948			10,288			2,868			4,523			9,665			10,673			3,582			3,774			18,029
Treasury Bank (1)		23,351			21,909			21,779			26,627			26,236			28,829			28,736			28,081			8,862			13,389			19,904			19,969			33,006			72,879

Total Mortgage Loan Fundings in Units		204,764			218,936			196,950			203,963			191,700			201,877			196,184			186,850			195,423			207,860			168,439			159,673			210,201			538,313
Commercial Real Estate Units		—			—			—			—			—			—			1			6			10			13			6			11			9			26

Total Loan Fundings in Units		204,764			218,936			196,950			203,963			191,700			201,877			196,185			186,856			195,433			207,873			168,445			159,684			210,210			538,339

Mortgage Loan Fundings:
Purchase (2)	$	13,127		$	13,883		$	14,575		$	17,491		$	17,541		$	17,797		$	17,001		$	14,884		$	15,154		$	16,533		$	12,666		$	12,052		$	16,502		$	41,220
Non-purchase (2)		19,184			21,962			17,240			14,512			12,163			13,325			13,997			14,333			16,214			18,197			15,579			14,854			19,807			50,240

Total Mortgage Loan Fundings	$	32,311		$	35,845		$	31,815		$	32,003		$	29,704		$	31,122		$	30,998		$	29,217		$	31,368		$	34,730		$	28,245		$	26,906		$	36,309		$	91,460

Mortgage Loan Fundings by Product:
Government Fundings	$	1,530		$	1,491		$	1,235		$	1,119		$	1,039		$	961		$	934		$	832		$	953		$	875		$	646		$	695		$	796		$	2,137
ARM Fundings	$	13,872		$	15,739		$	15,745		$	17,259		$	17,021		$	18,278		$	21,026		$	16,341		$	16,422		$	18,457		$	15,080		$	14,081		$	19,484		$	48,645
Home Equity Fundings	$	2,088		$	2,242		$	2,272		$	2,787		$	2,838		$	3,056		$	3,164		$	3,036		$	3,061		$	3,148		$	2,732		$	2,618		$	3,413		$	8,763
Nonprime Fundings	$	2,759		$	2,765		$	3,044		$	3,745		$	3,785		$	4,275		$	3,894		$	3,276		$	3,459		$	4,306		$	3,851		$	2,605		$	3,364		$	9,820
MORTGAGE LOAN SERVICING (3)
Volume	$	682,848		$	693,768		$	706,943		$	726,227		$	746,905		$	765,342		$	785,992		$	805,922		$	821,287		$	838,322		$	866,665		$	878,270		$	893,405
Units		5,313,058			5,372,526			5,443,555			5,547,050			5,668,620			5,773,837			5,889,950			6,018,496			6,113,193			6,196,487			6,388,677			6,450,135			6,517,536
Subservicing Volume (4)	$	15,307		$	15,028		$	15,289		$	16,027		$	16,843		$	16,312		$	17,861		$	16,869		$	17,421		$	16,847		$	22,712		$	21,389		$	21,208
Subservicing Units		166,514			163,842			163,931			163,396			172,602			169,665			174,079			171,273			174,875			171,633			211,025			212,654			207,380
Prepayments in Full	$	18,317		$	23,557		$	17,593		$	14,945		$	12,430		$	13,232		$	13,669		$	14,336		$	16,013		$	17,755		$	12,408		$	11,790		$	20,809		$	45,007
Bulk Servicing Acquisitions	$	2,349		$	1,122		$	1,563		$	1,634		$	4,187		$	4,626		$	3,399		$	8,241		$	1,870		$	4,903		$	8,475		$	4,136		$	5,320		$	17,931
Portfolio Delinquency — CHL (5)		3.20	%		3.19	%		3.49	%		3.48	%		3.51	%		3.57	%		3.73	%		3.92	%		3.85	%		3.83	%		3.89	%		3.74	%		3.31	%
Foreclosures Pending — CHL (5)		0.42	%		0.38	%		0.36	%		0.37	%		0.37	%		0.35	%		0.35	%		0.37	%		0.41	%		0.42	%		0.45	%		0.45	%		0.43	%

(more)

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


	Mar-04			Apr-04			May-04			Jun-04			Jul-04			Aug-04			Sep-04			Oct-04			Nov-04			Dec-04			Jan-05			Feb-05			Mar-05			YTD
LOAN CLOSING SERVICES (units)
Credit Reports		738,113			626,142			574,524			631,763			630,223			677,931			657,661			660,351			634,685			580,363			695,173			696,309			872,342			2,263,824
Flood Determinations		267,378			236,776			214,494			239,522			243,241			265,888			239,230			237,386			235,665			247,978			233,500			260,748			296,382			790,630
Appraisals		69,074			65,975			58,912			59,839			62,732			74,314			78,118			77,388			80,253			82,114			68,309			76,441			97,743			242,493
Automated Property Valuation Services		439,015			473,601			456,663			480,364			467,030			480,329			463,760			477,592			508,451			496,643			496,469			508,279			655,246			1,659,994
Other		16,379			16,058			13,583			15,332			13,252			13,324			13,678			14,430			15,895			17,119			16,027			15,337			18,862			50,226

Total Units		1,529,959			1,418,552			1,318,176			1,426,820			1,416,478			1,511,786			1,452,447			1,467,147			1,474,949			1,424,217			1,509,478			1,557,114			1,940,575			5,007,167

CAPITAL MARKETS
Securities Trading Volume (6)	$	276,738		$	274,862		$	292,116		$	314,599		$	266,645		$	240,678		$	287,475		$	239,128		$	260,065		$	260,666		$	248,216		$	256,305		$	324,100		$	828,621
BANKING
Assets Held by Treasury Bank (in billions)	$	23.7		$	24.9		$	25.6		$	27.2		$	28.6		$	30.9		$	33.9		$	36.4		$	38.8		$	41.0		$	43.3		$	45.9		$	51.1
INSURANCE
Net Premiums Earned:
Carrier	$	50.4		$	50.0		$	48.1		$	50.6		$	54.4		$	50.7		$	50.0		$	54.1		$	53.6		$	55.8		$	54.5		$	49.3		$	52.0		$	155.8
Reinsurance		12.4			13.1			13.0			12.5			13.0			13.1			13.6			13.7			13.8			14.3			14.5			14.8			14.4			43.7

Total Net Premiums Earned	$	62.8		$	63.1		$	61.1		$	63.1		$	67.4		$	63.8		$	63.6		$	67.8		$	67.4		$	70.1		$	69.0		$	64.1		$	66.4		$	199.5

GLOBAL OPERATIONS
Global Home Loans Subservicing
Volume (in billions)	$	111		$	108		$	111		$	110		$	110		$	109		$	110		$	112		$	117		$	118		$	116		$	118		$	115
Workforce Head Count: (7)
Loan Originations		20,560			21,696			22,400			23,035			23,114			23,680			24,334			24,899			25,203			25,071			25,162			25,183			25,240
Loan Servicing		5,802			5,828			5,864			5,908			5,910			5,920			5,961			6,079			6,202			6,331			6,225			6,259			6,348
Loan Closing Services		899			938			993			1,019			1,049			1,072			1,100			1,113			1,123			1,146			1,171			1,221			1,251
Insurance		1,762			1,809			1,822			1,826			1,854			1,845			1,881			1,880			1,880			1,899			1,890			1,913			1,883
Capital Markets		494			513			517			529			540			554			559			566			564			569			569			579			586
Global Operations		1,993			1,961			1,965			1,955			1,929			1,942			1,935			1,949			1,877			1,846			1,806			1,743			1,706
Banking		845			888			956			1,003			1,015			1,083			1,164			1,184			1,213			1,213			1,508			1,562			1,551
Corporate Overhead & Other		3,389			3,441			3,529			3,660			3,814			3,889			4,001			4,033			4,102			4,066			4,075			4,059			4,028

Total Workforce Head Count		35,744			37,074			38,046			38,935			39,225			39,985			40,935			41,703			42,164			42,141			42,406			42,519			42,593

Period-end Rates
10-Year U.S. Treasury Yield		3.86	%		4.53	%		4.66	%		4.62	%		4.50	%		4.13	%		4.14	%		4.05	%		4.36	%		4.24	%		4.14	%		4.36	%		4.50	%
FNMA 30-Year Fixed Rate MBS Coupon		4.94	%		5.59	%		5.75	%		5.59	%		5.48	%		5.16	%		5.23	%		5.11	%		5.27	%		5.21	%		5.12	%		5.34	%		5.48	%

(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))


Item 2.02.	Results of Operations and Financial Condition


	COUNTRYWIDE FINANCIAL CORPORATION
Dated: April 7, 2005	/s/ Laura Milleman
	Laura Milleman
	Senior Managing Director and Chief Accounting Officer

	•	Securities trading volume at Capital Markets reached $324 billion for the month, increasing 26 percent over last month and 17 percent from March 2004. This brought first quarter 2005 securities trading volume to $829 billion, up 20 percent from the first quarter of 2004.

	•	Total assets at Countrywide Bank reached $51 billion, advancing 11 percent over last month and more than doubling from the level at March 2004.

	•	Monthly net earned premiums at Balboa were $66 million, an increase of 4 percent from last month and 6 percent more than March 2004. Net earned premiums for the first quarter of 2005 reached $200 million, up 2 percent over the first quarter of 2004.

	•	Subservicing volume at Global Home Loans was $115 billion, up 4 percent from March 2004.