Mortgage Decline HurtsCountrywide
CALABASAS, Calif. - (02/03/05) -- Countrywide Financial Corp., thenation's largest non-bank mortgage lender, said its financialperformance continued to show the effects of the continued declinein the mortgage market. Net income for Countrywide's fourth quarterfell to $343 million, or 56 cents a share, from $564 million, or 94cents a share, for the fourth quarter last year. Revenues were flatfor the quarter at $2 billion. For the year, Countrywide reported a10% increase in revenues, driven mostly by a halving of lossesbooked for retained interests on servicing rights to $650 million.That helped offset a 17% reduction in loan production from 2003'srecord highs to $363 billion. Fiscal year earnings were down 2% to$2.3 billion, or $3.83 a share.