Countrywide Rides MortgageBoom
CALABASAS, Calif. - (02/01/06) -- Countrywide Financial Corp., theworld's biggest mortgage bank, continued to ride the home loan boomin the fourth quarter, helping push its mortgage loans to a newindustry record of $491 billion for 2005. That increased thecompany's loan servicing portfolio up 33% for the year to $1.1trillion--the industry's largest. Fourth quarter revenues rose 30%to $2.6 billion, compared to the same period in 2004. As a result,the company reported a 73% surge in fourth quarter earnings to $639million, or $1.03 a share. Pre-tax earnings for the company'smortgage banking sector soared 67% to $434 million for the fourthquarter. For the full year, revenues rose 17% to $10 billion andnet income climbed 14% to $2.5 billion, or $4.11 ashare.