CALABASAS, Calif. - (10/28/05) -- Countrywide Financial Corp., thenation's largest mortgage bank, said third quarter earnings rose27% to $634 million, or $1.03 a share, compared to the same periodlast year, as the mortgage boom continued. Pre-tax earnings on thecompany's core mortgage banking unit surged 42% to $703 million,while pre-tax earnings on the banking operations soared by 71% to$278 million. Total loan production for the quarter was $147billion, up 60% from the third quarter last year. The servicingportfolio, the world's largest, rose 33% since the end of the thirdquarter last year to $1.05 trillion. For the first three quartersCountrywide reported a 3% increase in earnings to $1.9 billion, or$3.07 a share, compared to the first nine months lastyear.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
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