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 |
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COUNTRYWIDE REPORTS MAY 2007 OPERATIONAL RESULTS
CALABASAS, CA (June 12, 2007) – Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended May 31, 2007. Key operational results included the following:
· Mortgage loan fundings for the month of May totaled $44 billion, an increase of 15 percent from May 2006.
– On a consolidated basis, Countrywide funded $2.3 billion in pay-option loans during the month as compared to $6.6 billion in May 2006. Year-to-date fundings for pay-option loans totaled $15 billion, as compared to $35 billion for the same prior year period.
· Average daily mortgage loan application activity for May 2007 was $3.1 billion, up 17 percent from May 2006. The mortgage loan pipeline was $70 billion at May 31, 2007 as compared to $66 billion at May 31, 2006.
· The mortgage loan servicing portfolio continued to grow, totaling $1.4 trillion at May 31, 2007. This is an increase of $214 billion, or 18 percent, from May 31, 2006.
· Banking Operations’ assets were $87 billion at May 31, 2007, which compares to $80 billion at May 31, 2006.
· Securities trading volume in the Capital Markets segment of $351 billion for May 2007 was 6 percent higher when compared to the same month last year.
· Net earned premiums from the Insurance segment totaled $118 million, up 30 percent from May 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.
“Countrywide generated robust residential mortgage production results for the month of May,” said David Sambol, President and Chief Operating Officer. “Production trends included a 17 percent increase in home purchase activity from the prior month; fixed-rate mortgages accounted for 76 percent of monthly production, their highest percentage since August 2003; and the pipeline of mortgage loans-in-process ended the month at $70 billion, its highest amount since October 2005. Reflecting our focus on integrating the activities of our Bank and mortgage company, Countrywide Bank funded $19 billion, or 44 percent, of total residential mortgage production during the month of May 2007, its highest monthly amount to date. According to Inside Mortgage Finance, Countrywide retained its position as the #1 mortgage originator in all channels for the first quarter of 2007. In particular, we expanded our lead in the retail channel from the 4th quarter of 2006.
“Strong results were produced by our other businesses. The servicing portfolio increased 18 percent from May 2006 and Banking Operations’ assets rose 9 percent year-over-year. On a year-to-date basis, Capital Markets securities trading volume increased 4 percent from the five months ended May 2006, and net earned premiums from our Insurance segment rose 22 percent from the same year-ago period.”
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.
