8-K

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): October 18, 2007

COUNTRYWIDE FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)	1-8422 (Commission File Number)	13-2641992 (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

N/A
(Former name or former address, if changed since last report)

     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

EXHIBIT 99.1

EXHIBIT 99.2

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

          (b) On October 18, 2007, Countrywide Financial Corporation (the “Company”) received notification from Henry Cisneros of his decision to resign from the Company’s Board of Directors. Mr. Cisneros did not resign because of a disagreement with the Company on any matter relating to the Company’s operations, policies or practices. A copy of the resignation letter is attached hereto as Exhibit 99.1.

          A copy of the press release of the Company announcing the resignation of Mr. Cisneros from the Board of Directors is attached as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits.

          (d) Exhibits.

Exhibit No.	Description
99.1	Resignation letter of Henry Cisneros dated October 18, 2007
99.2	Press release of Countrywide Financial Corporation dated October 24, 2007

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SIGNATURES

     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: October 24, 2007	/s/ Susan E. Bow
	Name:	Susan E. Bow
	Title:	Senior Managing Director, General Counsel, Corporate and Securities and Corporate Secretary

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Resignation letter of Henry Cisneros dated October 18, 2007
99.2	Press release of Countrywide Financial Corporation dated October 24, 2007

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EX-99.1

Exhibit 99.1

[Address, Phone Number
and Email Address*]

October 18, 2007

Mr. Angelo Mozilo
Chairman, President and CEO

Mr. Harley Snyder
Lead Independent Director

COUNTRYWIDE FINANCIAL
4500 Park Granada CH-2
Calabasas, California 91302

Dear Angelo & Harley:

The purpose of this letter is to provide notification to the Board of Directors of Countrywide Financial of my decision to resign from the Board. As you know my company, CityView, is a partner with builders across the nation to produce homes in urban areas. While CityView is strong, many analyses of conditions in the housing markets for the foreseeable future suggest that I will need to focus my time and energies on putting CityView in the best position to adjust to the demands of the period ahead.

Please know of my immense admiration for Countrywide as a company, of my appreciation for its workforce, and of my respect for the members of the Board and for you as its leader for so many years. I especially admire Countrywide’s contributions to helping many thousands of American families purchase their own homes. It is an important national mission which I will always regard with respect. At this time my own work in the homeownership arena at CityView requires my undivided attention.

Sincerely,

Henry Cisneros
Executive Chairman
CityView

CHICAGO

DALLAS

SAN ANTONIO

SANTA MONICA

* Redacted Information

EX-99.2

Exhibit 99.2

NEWS

Contact Information
For media inquiries:	For investor inquiries:
Rick Simon or Amber V. Cousins	Investor Relations
800-796-8448	818-225-3550
pressroom@countrywide.com

Countrywide Announces Change to Board of Directors

CALABASAS, CA (DATE) — Countrywide Financial Corporation (NYSE: CFC) today announced that Henry G. Cisneros has relinquished his Board of Director membership. Mr. Cisneros is chairman of CityView, a company that provides financing for America’s urban homebuilders.

“I need to focus my time and energies on putting CityView in the best position to adjust to the demands of the period ahead,” Mr. Cisneros said. “I admire Countrywide’s contributions toward helping American families purchase their own homes, and I have immense respect for Countrywide, its management team, its leadership and its workforce.”

“My respect for the Countrywide Board of Directors and its leader, Angelo Mozilo, is unwavering,” Cisneros continued. “Countrywide is a well managed company and I have enormous confidence in the leadership that has guided Countrywide through many different mortgage cycles. Angelo’s vision has benefited millions of homeowners; in particular, his mission and innovation have helped lower-income, minority and first-time homebuyers who previously had been overlooked. Angelo has long been among the most respected executives in the financial services industry and has dedicated more than four decades to providing homeownership opportunities to Americans.”

“On behalf of the Board of Directors, I would like to extend my deep gratitude to Henry for his significant contributions to Countrywide,” said Angelo R. Mozilo, chairman and chief executive officer. “His expertise, especially as it relates to the vital need to increase homeownership rates among minority and lower-income families, aligned well with Countrywide’s fulfillment of our mission to lower the barriers to sustainable homeownership.”

Mr. Cisneros’ tenure on the Countrywide Board since 2001 coincides with the company’s launch of the We House America $1 Trillion Dollar Challenge, a campaign to fund $1 trillion in home loans to minorities and low- to moderate-income borrowers, and to borrowers in lower-income

NEWS

communities, by 2010. As of August 31, 2007, the company has funded approximately $789 billion toward that goal.

Countrywide has also expanded upon its financial literacy initiatives during Mr. Cisneros’ tenure on the board, including development of the new Web-based H.O.M.E. mortgage education program (homebycountrywide.com), and primary sponsorship of capacity grants to communities participating in the U.S. Conference of Mayors’ DollarWi$e program.

The Corporate Governance and Nominating Committee has engaged a search firm to assist it in identifying one or more independent director candidates to join the company’s Board of Directors.

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.

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