Countrywide's Earnings Jump in First Quarter

Countrywide Financial Corp. reported consolidated net earnings of $691 million in the first quarter, up 112% over net earnings of $326 million in the first quarter of last year.Earnings per diluted share increased 82% to $2.22, Countrywide said. Adjusted to reflect April's three-for-two stock split, EPS would have been $3.33. Total loan production was $76 billion for the quarter, essentially unchanged from the fourth quarter of last year but lower than the $102 billion originated in the first quarter of last year. That $76 billion volume exceeded the originations of Wells Fargo Home Mortgage and Washington Mutual, making Countrywide the largest home loan producer in the quarter. Countrywide's mortgage servicing portfolio rose by $38 billion during the quarter, ending at $683 billion.