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Countrywide Financial Corporation

On March 14, 1969, the umbrella organization, Countrywide Credit Industries, was founded. The mortgage lending subsidiary that would one day become Countrywide HomeLoans was then called Countrywide Funding Corporation.

Loans funded by Countrywide

Countrywide Financial Corporation, a holding company, provides mortgage banking and diversified financial services. The company operates in four segments: Mortgage Banking, Banking, Capital Markets, and Insurance.

The Mortgage Banking segment originates, purchases, and services mortgage loans, primarily in the form of mortgage-backed securities, as well as provide various loan closing services, such as title, escrow, and appraisal.

The Banking segment primarily offers in mortgage loans and home equity lines of credit; deposit products; and other services, including safekeeping, review/certification, release requests, and customer reporting, as well as provides short-term secured financing to mortgage lenders. The Capital Markets segment engages in trading and underwriting mortgage-related fixed-income securities, including mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities; and callable debt, as well as trades securities issued by U.S department of Treasury. This segment also arranges short term financing and acts as a broker of residential mortgage loans. The Insurance segment offers property, casualty, life, and credit insurance, as well as provides reinsurance coverage to primary mortgage insurers. In addition, it provides mortgage loan application processing and servicing on behalf of a financial institution in the United Kingdom.

The Group, through its other wholly owned subsidiaries, offers products and services that are largely complementary to its mortgage banking business. These services include underwriting of lender-placed mortgage insurance, insurance brokerage, mortgage-backed securities brokerage and underwriting, brokerage of bulk servicing transactions, loan processing and servicing in foreign countries and retail banking. Mortgage Banking accounted for 72% of 2002 gross revenues; Insurance, 14%; Capital Markets, 8%; Banking, 3% and Global Operations, 3%. The company, formerly known as OLM Credit Industries, Inc., was founded in 1969 and changed its name to Countrywide Financial Corporation. Countrywide Financial is headquartered in Calabasas, California.

Countrywide Financial Corp.’s Corporate Governance Quotient as of 1-Feb-06 is better than43.5% of S&P 500 companies and 94.3% of Banks companies.

Countrywide Financial Corporation Officers:
Chairman & Chief Executive – Angelo R. Mozilo
President & Chief Operating Officer – Stanford L. Kurland
Chief Financial Officer – Thomas K. Mclaughlin
Secretary – Susan E. Bow

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