EX-99.1 2 a08-5844_1ex99d1.htm EX-99.1

Exhibit 99.1

 

NEWS

 

 

 

INVESTOR CONTACT:    (818) 225-3550

 

David Bigelow or Lisa Riordan

 

 

 

MEDIA CONTACT: (800) 796-8448

 

COUNTRYWIDE REPORTS JANUARY 2008 OPERATIONAL RESULTS

 

CALABASAS, CA (February 15, 2008) – Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended January 31, 2008.  A summary of the Company’s key operating statistics is included below:

 

·                  Average daily mortgage loan application activity for January 2008 was $2.6 billion, which compares to $1.5 billion for December 2007.  The mortgage loan pipeline was $51 billion at January 31, 2008, as compared to $35 billion for December 2007.

 

·                  Mortgage loan fundings for the month of January 2008 were $22 billion, down six percent from December 2007.

 

·                  The mortgage loan servicing portfolio increased modestly to $1.48 trillion at January 31, 2008, up $3.6 billion from December 31, 2007 and $163 billion from January 31, 2007.

 

·                  Banking Operations’ assets were $111 billion at January 31, 2008, which compares to $113 billion at December 31, 2007 and $83 billion at January 31, 2007.

 

·                  Securities trading volume in the Capital Markets segment was $336 billion for January 2008 as compared to $315 billion for December 2007 and $313 billion for January 2007.

 

·                  Net earned premiums from the Insurance segment were $163 million in January 2008, which compares to $164 million for December 2007 and $112 million for January 2007.

 

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 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,

 

Investor Relations

4500 Park Granada · Calabasas, CA  91302 ·  818-225-3550

http://www.countrywide.com

 Countrywide Home Loans, Inc. and Countrywide Bank, FSB are Equal Housing Lenders. ã2007 Countrywide Financial Corporation.
 Trade/service marks are the property of Countrywide Financial Corporation and/or its subsidiaries.  All rights reserved.

 


 

including as a result of continued increases in the delinquency rates of borrowers and slower or negative home price appreciation; 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)

 

 

 

 

 

Investor Relations

4500 Park Granada · Calabasas, CA  91302 ·  818-225-3550

http://www.countrywide.com

 

 Countrywide Home Loans, Inc. and Countrywide Bank, FSB are Equal Housing Lenders. ã2007 Countrywide Financial Corporation.
 Trade/service marks are the property of Countrywide Financial Corporation and/or its subsidiaries.  All rights reserved.

 

2


 

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

 

 

 

Month Ended January 31,

 

 

 

2008

 

2007

 

LOAN PRODUCTION

 

 

 

 

 

Number of Working Days in the Period

 

21

 

21

 

Average Daily Mortgage Loan Applications

 

$

2,639

 

$

2,820

 

Mortgage Loan Pipeline (loans-in-process)

 

$

51,038

 

$

58,697

 

Commercial Real Estate Loan Pipeline (loans-in-process)

 

$

254

 

$

1,954

 

 

 

 

 

 

 

Loan Fundings:

 

 

 

 

 

Retail Lending

 

$

9,396

 

$

12,647

 

Wholesale Lending

 

2,542

 

7,155

 

Correspondent Lending

 

9,890

 

16,261

 

Capital Markets Purchases

 

3

 

309

 

Banking Operations Purchases

 

54

 

741

 

Total Mortgage Loan Fundings

 

21,885

 

37,113

 

Commercial Real Estate Lending

 

50

 

654

 

Total Loan Fundings

 

$

21,935

 

$

37,767

 

 

 

 

 

 

 

Total Bank Loan Fundings (2)

 

$

21,090

 

$

15,520

 

 

 

 

 

 

 

Loan Fundings in Units:

 

 

 

 

 

Retail Lending

 

46,798

 

70,212

 

Wholesale Lending

 

11,674

 

34,318

 

Correspondent Lending

 

47,301

 

80,195

 

Capital Markets Purchases

 

4

 

951

 

Banking Operations Purchases

 

55

 

9,395

 

Total Mortgage Loan Fundings

 

105,832

 

195,071

 

Commercial Real Estate Lending

 

11

 

60

 

Total Loan Fundings

 

105,843

 

195,131

 

 

 

 

 

 

 

Total Bank Loan Fundings (2)

 

104,008

 

91,176

 

 

 

 

 

 

 

Mortgage Loan Fundings (3):

 

 

 

 

 

Purchase

 

$

6,831

 

$

13,268

 

Non-purchase

 

15,054

 

23,845

 

Total Mortgage Loan Fundings

 

$

21,885

 

$

37,113

 

 

 

 

 

 

 

Mortgage Loan Fundings by Product:

 

 

 

 

 

Government Fundings

 

$

2,559

 

$

1,100

 

ARM Fundings

 

$

2,832

 

$

13,748

 

Home Equity Fundings

 

$

872

 

$

3,586

 

Nonprime Fundings

 

$

—

 

$

2,939

 

 

 

 

 

 

 

MORTGAGE LOAN SERVICING (4)

 

 

 

 

 

Volume

 

$

1,479,852

 

$

1,316,579

 

Units

 

9,022,399

 

8,277,857

 

Subservicing Volume (5)

 

$

24,212

 

$

17,244

 

Subservicing Units

 

210,814

 

174,330

 

Prepayments in Full

 

$

12,459

 

$

19,126

 

Bulk Servicing Acquisitions

 

$

27

 

$

1,103

 

Servicing Portfolio Performance - CHL (6)

 

 

 

 

 

Delinquency as a percentage of:

 

 

 

 

 

unpaid principal balance

 

7.47

%

4.32

%

number of loans serviced

 

7.09

%

4.71

%

Foreclosures Pending as a percentage of:

 

 

 

 

 

unpaid principal balance

 

1.48

%

0.77

%

number of loans serviced

 

1.05

%

0.69

%

 

(more)

 


 

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

 

 

 

Month Ended January 31,

 

 

 

2008

 

2007

 

LOAN CLOSING SERVICES (units)

 

 

 

 

 

Credit Reports

 

852,405

 

897,918

 

Flood Determinations

 

2,639

 

310,340

 

Appraisals

 

156,031

 

108,450

 

Automated Property Valuation Services

 

1,296,345

 

539,439

 

Other

 

34,211

 

25,756

 

Total Units

 

2,341,631

 

1,881,903

 

 

 

 

 

 

 

CAPITAL MARKETS

 

 

 

 

 

Securities Trading Volume (7)

 

$

335,624

 

$

312,666

 

 

 

 

 

 

 

BANKING

 

 

 

 

 

Banking Operations Assets (in billions)

 

$

111

 

$

83

 

 

 

 

 

 

 

INSURANCE

 

 

 

 

 

Net Premiums Earned:

 

 

 

 

 

Carrier

 

$

133.2

 

$

90.7

 

Reinsurance

 

30.1

 

20.8

 

Total Net Premiums Earned

 

$

163.3

 

$

111.5

 

 

 

 

 

 

 

Period-end Rates

 

 

 

 

 

10-Year U.S. Treasury Yield

 

3.67

%

4.83

%

FNMA 30-Year Fixed Rate MBS Coupon

 

5.05

%

5.91

%

 

(1)         This data reflects 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)         These loans are processed by the Company’s Mortgage Banking production divisions and Countrywide Commercial Real Estate Finance, Inc. or purchased from non-affiliates and are included in “Total Loan Fundings” above. The amounts include loans funded for both investment and for sale. The Company will report the amount of such loans subsequently sold on a quarterly basis.

(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 for others, including those under subservicing agreements.

(5)         Subservicing volume for non-Countrywide entities.

(6)         Excluding subserviced loans and portfolios purchased at a discount due to their non-performing status. Delinquencies as a percentage of unpaid principal balance and numbers of loans serviced exclude loans in foreclosure.

(7)         Includes trades with Mortgage Banking Segment.

 

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