Exhibit 99.1
NEWS | 
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| INVESTOR CONTACT: (818) 225-3550 |
| David Bigelow or Lisa Riordan |
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| MEDIA CONTACT: (800) 796-8448 |
COUNTRYWIDE REPORTS APRIL 2007 OPERATIONAL RESULTS
CALABASAS, CA (May 9, 2007) — Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended April 30, 2007. Key operational results included the following:
· Mortgage loan fundings for the month of April totaled $40 billion, an increase of 11 percent from April 2006.
— On a consolidated basis, Countrywide funded $2.7 billion in pay-option loans during the month as compared to $6.7 billion in April 2006. Year-to-date fundings for pay-option loans totaled $12.3 billion, as compared to $28.4 billion for the same prior year period. These amounts include pay-option loans that have a fixed rate for five years, which totaled $1.3 billion in April 2007 and $3.7 billion year-to-date.
· Average daily mortgage loan application activity for April 2007 was $3.1 billion, up 20 percent from April 2006. The mortgage loan pipeline was $69 billion at April 30, 2007 as compared to $64 billion at April 30, 2006.
· The mortgage loan servicing portfolio continued to grow, totaling $1.4 trillion at April 30, 2007. This is an increase of $207 billion, or 18 percent, from April 30, 2006.
· Banking Operations’ assets were $86 billion at April 30, 2007, which compares to $79 billion at April 30, 2006.
· Securities trading volume in the Capital Markets segment of $309 billion for April 2007 was 10 percent higher when compared to the same month last year.
· Net earned premiums from the Insurance segment totaled $110 million, up 20 percent from April 2006.
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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. ã2002 Countrywide Financial Corporation. |
| Trade/service marks are the property of Countrywide Financial Corporation and/or its subsidiaries. All rights reserved. |
“Residential mortgage loan production for the month of April 2007 increased 11 percent as compared to April 2006,” said David Sambol, President and Chief Operating Officer. “Refinance activity remains elevated, accounting for 61 percent of total monthly production activity, which compares to 54 percent one year ago. Indicative of underwriting guideline tightening, nonprime production declined to 4 percent of monthly origination volume, compared to 9 percent in April of last year. Reflecting a pick-up in mortgage activity, mortgage loan application volume and ending pipeline were up 20 percent and 8 percent, respectively, as compared to the year-ago period.
“Strong year-over-year improvement in all other business lines rounded out the month. The loan servicing portfolio continued its uninterrupted climb, increasing by 18 percent; Banking Operations assets rose 9 percent; Capital Markets trading volume rose 10 percent; and Insurance net earned premiums increased by 20 percent.”
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 prime and nonprime 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, 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 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; loss of investment grade ratings 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; increases in the delinquency rates of borrowers; changes in generally accepted accounting principles or in the legal, regulatory and legislative environments in the markets in which the Company 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.
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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. ã2002 Countrywide Financial Corporation. |
| Trade/service marks are the property of Countrywide Financial Corporation and/or its subsidiaries. All rights reserved. |
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COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS(1)
(Dollars in Millions)
| | Month Ended | | Year-to-Date | |
| | April 30 | | April 30 | | April 30 | | April 30 | |
| | 2007 | | 2006 | | 2007 | | 2006 | |
LOAN CLOSING SERVICES (units) | | | | | | | | | |
Credit Reports | | 982,765 | | 820,238 | | 3,813,833 | | 3,383,123 | |
Flood Determinations | | 274,407 | | 276,384 | | 1,137,258 | | 1,130,712 | |
Appraisals | | 116,062 | | 99,621 | | 452,234 | | 379,194 | |
Automated Property Valuation Services | | 634,281 | | 1,048,619 | | 3,005,461 | | 3,104,163 | |
Other | | 24,020 | | 12,634 | | 97,554 | | 62,412 | |
Total Units | | 2,031,535 | | 2,257,496 | | 8,506,340 | | 8,059,604 | |
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CAPITAL MARKETS | | | | | | | | | |
Securities Trading Volume(8) | | $ | 308,694 | | $ | 281,690 | | $ | 1,306,636 | | $ | 1,260,045 | |
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BANKING | | | | | | | | | |
Banking Operations Assets (in billions) | | $ | 86 | | $ | 79 | | | | | |
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INSURANCE | | | | | | | | | |
Net Premiums Earned: | | | | | | | | | |
Carrier | | $ | 89.3 | | $ | 73.1 | | $ | 360.2 | | $ | 301.1 | |
Reinsurance | | 20.9 | | 18.7 | | 84.2 | | 70.5 | |
Total Net Premiums Earned | | $ | 110.2 | | $ | 91.8 | | $ | 444.4 | | $ | 371.6 | |
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Period-end Rates | | | | | | | | | |
10-Year U.S. Treasury Yield | | 4.63 | % | 5.07 | % | | | | |
FNMA 30-Year Fixed Rate MBS Coupon | | 5.76 | % | 6.10 | % | | | | |
(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) During December 2006, the Company began reporting Banking Operations purchases from third parties. Prior months have been restated to reflect these purchases.
(3) These loans are either processed for Countrywide Bank by the Company’s Mortgage Banking production divisions or purchased from non-affiliates and are included in “Total Mortgage Loan Fundings” above. The amounts include loans funded for both investment purposes and for sale. The Company will report the amount of such loans subsequently sold on a quarterly basis.
(4) 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.
(5) Includes loans held for sale, loans held for investment, and loans serviced for others, including those under subservicing agreements.
(6) Subservicing volume for non-Countrywide entities.
(7) Excluding subserviced loans and portfolios purchased at a discount due to their non-performing status.
(8) Includes trades with Mortgage Banking Segment.
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