Countrywide Financial Braves HigherMortgage Rates
CALABASAS, Calif. - (07/26/06) -- Countrywide Financial announcedTuesday that earnings continued to surge in the second quarter,despite higher mortgage rates. The nation's largest mortgage bankreported a 30% rise in revenues to $3 billion for the quarter, anda 27% increase in net income to $722 million, or $1.15 a share,compared to the same quarter last year. Loan production rose onlyslightly, by 2.5%, over the second quarter in 2005, but that wasmore than offset by healthy increases in servicing and other fees.In addition, Countrywide reported a $231 million improvement in thevaluation of its hedging portfolio, over the first quarter. For thefirst six months of the year Countrywide reported a 24% rise inrevenues to $5.8 billion, and a 12% increase in net income to $1.4billion, or $2.25 a share, compared to the first half of lastyear.