Countrywide Financial Corp., Calabasas, Calif., has reported consolidated net earnings of $634 million ($1.03 per share) for the third quarter, a 27% increase from $498 million ($0.81 per share) in the third quarter of last year that was attributed mainly to the company's mortgage segment.Pretax earnings by the mortgage banking operations totaled $703 million in the third quarter, up 42% from $496 million a year earlier. "This increase resulted primarily from a $280 million improvement in servicing sector earnings, partially offset by an $83 million decrease in production sector earnings," said Angelo R. Mozilo, Countrywide's chairman and chief executive officer. Loan production in the mortgage segment totaled $131 billion, up sharply from $77 billion in the third quarter of 2004. "The increase in loan volume resulted in a $37 billion increase in loans sold," Mr. Mozilo said. "The benefit of the increase in sales, however, was more than offset by the decline in margins." Countrywide said its servicing portfolio rose to a record $1.05 trillion as of Sept. 30, up $262 billion from the level of a year earlier.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11