Mortgage Slowdown Doesn't SlowCountrywide
CALABASAS, Calif. - (07/23/04) -- Countrywide Financial Corp., thenation's largest non-bank owned mortgage company, said it bravedthe slowdown in mortgage lending to record an 83% surge in netincome for its second quarter to $700 million, or $2.24 a share,from $382 million, or $1.37 a share, for the same period last year.Countrywide said even though loan production slid 23% for thequarter, net interest income soared 68% to $499 million; incomefrom the sale of securities and loans rose 25% to $1.7 billion; andinterest income advanced 33% to $1.1 billion. As a result, totalrevenues rose 43% to $2.3 billion for the quarter. Despite a 24%drop-off in mortgage volume in the first half, Countrywide reporteda 48% rise in total revenues to $4.5 billion. As a result, netincome almost doubled in the first six months to $1.4 billion, or$4.46 a share, from $709 million, or $2.59 a share, for the firstsix months last year. Countrywide's loan servicing portfolio grewto $726 billion at the end of the second quarter.