Mozilo: We'll Break $400B This Year

Countrywide Financial Corp., Calabasas, Calif., will fund "well over" $400 billion in home mortgages this year, its chairman and chief executive predicted Wednesday morning.During an interview on CNBC-TV, Countrywide's Angelo Mozilo, who co-founded the company in the 1960s, said he expects industry production to total $3.5 trillion this year. "There is still a large pipeline of loans in the system, both at Countrywide and the industry," Mozilo said. "It will be a fabulous year." Next year he expects originations could drop to around $2 trillion. According to the Quarterly Data Report, a MortgageWire affiliate, Countrywide funded $102 billion and $130 billion in the first and second quarters, respectively. It had a 12.08% market share in the first half, based on preliminary QDR figures. But Mr. Mozilo said he believes that by the end of 2004, the company's market share could be at least 15%. As for next year, he said: "We will have the second-biggest year in our history." Countrywide can be found online at http://www.countrywide.com.