EXHIBIT 99.24
NEWS [COUNTRYWIDE FINANCIAL LOGO]
INVESTOR CONTACT: (818) 225-3550
DAVID BIGELOW OR LISA RIORDAN
MEDIA CONTACT: (800) 796-8448
FOR IMMEDIATE RELEASE
COUNTRYWIDE REPORTS OCTOBER 2004 OPERATIONAL DATA
-- SERVICING PORTFOLIO SURPASSES $800 BILLION LEVEL --
-- PIPELINE OF LOANS-IN-PROCESS RISES TO $52 BILLION --
-- OCTOBER FUNDINGS REMAIN STRONG AT $29 BILLION --
CALABASAS, CA (November 9, 2004) -- Countrywide Financial Corporation (NYSE:
CFC), a diversified financial services provider, released operational data for
the month ended October 31, 2004. Highlights included the following:
- Loan fundings were $29 billion for the month, a decline of 6 percent
from the prior month, but an increase of 1 percent over October 2003.
Year-to-date funding volume now totals $297 billion.
- Reflecting a seasonal slow-down, monthly purchase volume fell 12
percent from last month to $15 billion, but was 20 percent higher
than October 2003's level. Year-to-date purchase activity now
stands at $145 billion, exceeding 2003's full year level of $130
billion.
- Adjustable-rate fundings declined by 22 percent from the prior
month to $16 billion, but were 53 percent greater than October
2003. Year-to-date volume reached $155 billion, an increase of 69
percent over calendar 2003 volume.
- Home equity funding activity of $3.0 billion was 73 percent more
than October 2003, but down 4 percent from last month. Year-to-date
home equity production reached $25 billion.
- Subprime volume totaled $3.3 billion, rising 35 percent from last
October, but fell 16 percent from last month. Year-to-date subprime
volume totaled $32 billion.
- Average daily application activity was $2.0 billion during October, a
decline of 5 percent from the prior month, but 27 percent greater than
October 2003.
- Led by a higher level of refinance activity, the pipeline of
loans-in-process at October 31, 2004 increased by 2 percent over last
month to $52 billion, and was 22 percent greater than October 2003.
- The servicing portfolio set a new record, reaching $806 billion in
October, surpassing the October 2003 level by $185 billion, or 30
percent.
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- October securities trading volume of $239 billion increased by 15
percent over October 2003, but decreased by 17 percent from last month.
Year-to-date trading volume totaled $2.6 trillion.
- Total assets at Countrywide Bank rose to $36 billion, 7 percent higher
than September 2004 and more than double the level of October 2003.
- Monthly net earned premiums at Balboa were $68 million, down 3 percent
from October 2003 as a result of lower activity in Balboa Life &
Casualty, and year-to-date reached $646 million.
- Subservicing volume at Global Home Loans totaled $112 billion, a 12
percent increase from October 2003.
"Countrywide's business model continues to produce solid operational results
against the backdrop of a dynamic environment," said Stanford L. Kurland,
President and Chief Operating Officer. "Industry mortgage origination activity
continues to decline, reflecting a seasonal slow-down in purchase activity,
although a recent pick-up in refinance activity could partly offset this effect.
While Countrywide experienced a decline in purchase production in October, the
pipeline of loans-in-process increased to $52 billion. This suggests continued
strength in funding levels for the near-term. On the servicing side, our
portfolio grew $20 billion from September 2004 to reach a new high of $806
billion, and we became the #1 servicer at the end of the third quarter,
according to Inside Mortgage Finance. Diversification efforts were led by
Countrywide Bank, as total assets have more than doubled over the last year to
$36 billion."
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 primarily prime-quality 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; 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.
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COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS (1)
(Dollars in Millions)
Month Ended Year-to-Date
----------------------------- ------------
October 31, October 31, October 31,
2004 2003 2004
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LOAN PRODUCTION
Number of Working Days in the Period 21 23 211
Average Daily Loan Applications $ 1,991 $ 1,564 $ 2,029
Mortgage Loan Pipeline (loans in process) $ 51,990 $ 42,650
Loan Fundings:
Consumer Markets Division $ 9,666 $ 8,198 $ 90,752
Wholesale Lending Division 6,236 6,235 59,081
Correspondent Lending Division 9,846 10,908 108,908
---------- ---------- ----------
Total Mortgage Banking 25,748 25,341 258,741
Capital Markets 729 2,314 14,763
Treasury Bank (2) 2,740 1,310 23,404
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TOTAL LOAN FUNDINGS $ 29,217 $ 28,965 $ 296,908
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Loan Fundings in Units:
Consumer Markets Division 67,098 67,213 649,384
Wholesale Lending Division 33,390 38,255 331,356
Correspondent Lending Division 55,413 67,709 617,705
---------- ---------- ----------
Total Mortgage Banking 155,901 173,177 1,598,445
Capital Markets 2,868 9,266 60,027
Treasury Bank (2) 28,081 14,938 236,989
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TOTAL LOAN FUNDINGS IN UNITS 186,850 197,381 1,895,461
---------- ---------- ----------
Loan Fundings:
Purchase (3) $ 14,884 $ 12,366 $ 144,799
Non-purchase (3) 14,333 16,599 152,109
---------- ---------- ----------
TOTAL LOAN FUNDINGS $ 29,217 $ 28,965 $ 296,908
---------- ---------- ----------
Government Fundings $ 832 $ 1,774 $ 11,419
ARM Fundings $ 16,341 $ 10,676 $ 155,052
Home Equity Fundings $ 3,036 $ 1,752 $ 24,684
Subprime Fundings $ 3,276 $ 2,424 $ 31,676
LOAN SERVICING (4)
Volume $ 805,922 $ 621,000
Units 6,018,496 4,923,935
Subservicing Volume (5) $ 16,869 $ 11,921
Subservicing Units 171,273 139,983
Prepayments in Full $ 14,336 $ 14,315 $ 150,556
Bulk Servicing Acquisitions $ 8,241 $ 1,845 $ 33,950
Portfolio Delinquency (%) - CHL (6) 3.92% 3.54%
Foreclosures Pending (%) - CHL (6) 0.37% 0.50%
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COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS (1)
(Dollars in Millions)
Month Ended Year-to-Date
------------------------------- ------------
October 31, October 31, October 31,
2004 2003 2004
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LOAN CLOSING SERVICES (UNITS)
Credit Reports 660,351 518,308 6,277,467
Flood Determinations 237,386 217,134 2,348,361
Appraisals 77,388 53,783 641,923
Automated Property Valuation Services 477,592 399,559 4,428,234
Other 14,430 11,457 145,004
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TOTAL UNITS 1,467,147 1,200,241 13,840,989
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CAPITAL MARKETS
Securities Trading Volume (7) $ 239,128 $ 208,429 $ 2,605,941
BANKING
Assets Held by Treasury Bank (in billions) $ 36.4 $ 17.1
INSURANCE
Net Premiums Earned:
Carrier $ 54 $ 59 $ 516
Reinsurance 14 11 130
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TOTAL NET PREMIUMS EARNED $ 68 $ 70 $ 646
----------- ----------- -----------
GLOBAL OPERATIONS
Global Home Loans Subservicing
Volume (in billions) $ 112 $ 100
PERIOD-END RATES
10-Year U.S. Treasury Yield 4.05% 4.33%
FNMA 30-Year Fixed Rate MBS Coupon 5.11% 5.34%
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(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 warehouse loans and loans under subservicing agreements for
other clients.
(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.