Countrywide Profits Skyrocket

Countrywide Financial Corp., Calabasas, Calif., has reported record consolidated net earnings of $1.1 billion ($7.70 per share) in the third quarter, up 381% from $228.5 million ($1.74 per share) a year earlier and nearly triple its second-quarter earnings.Countrywide funded $125.9 billion of mortgage loans in the third quarter, up 98% from $63.6 billion a year earlier. Countrywide's servicing portfolio reached $606 billion at the end of September, up from $406 billion last year. "This was by far the most successful quarter in the company's history, as earnings for the three-month period exceeded 2002's full-year results," said Countrywide chairman and chief executive officer Angelo Mozilo. ".... Mortgage banking earnings rose to record levels, bolstered by strong improvement in our servicing sector, which benefited from net impairment recovery of [mortgage servicing rights] and other retained interests of $231 million before tax." Countrywide can be found online at http://www.countrywide.com.