Mortgage Slowdown SlowsCountywide
CALABASA, Calif. - (10/21/04) -- Countrywide Financial Corp., thenation's largest non-bank-owned mortgage lender, said net incomefor its third quarter was down 50% to $582 million, or 94 cents ashare, compared to the same quarter last year, as mortgage activityslowed from record levels last year. Loan production was down 27%for the quarter to $92 billion, compared to last year's record inthe middle of the refinancing boom. Still, net income the firstnine months of the year was up 9% to $2 billion, or $3.19 a share,partially because of a 13% rise in earnings from the company'sfledgling retail banking operations. At Sept. 30, assets at thecompany's Countrywide Bank hit $34 billion, a doubling over thepast year, 90% of which is home equity loans and mortgages. Loanproduction for the first three quarters was down 25% to $268billion, compared to the first nine months last year. During thethird quarter the company's loan servicing portfolio rose to $786billion.