Countrywide Financial Corporation is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. It is a wholly owned subsidiary of Bank of America.
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Countrywide Financial Corporation is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. It is a wholly owned subsidiary of Bank of America.
Countrywide Financial is composed of:
- Mortgage Banking, which originates purchases, securitizes, and services mortgages. In 2006 Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of United States GDP, a proportion greater than any other single mortgage lender.
- Banking, which operates a federally chartered thrift that primarily invests in mortgage loans and home equity lines of credit primarily sourced through its mortgage banking operation.
- Capital Markets, which operates as an institutional broker-dealer that primarily specializes in trading and underwriting mortgage-backed securities.
- Global Operations, which provides mortgage loan application processing and loan servicing.
During the year ended December 31, 2005, for example, the Mortgage Banking segment generated 59% of the Company's pre-tax earnings.
On January 11, 2008, Bank of America announced that it plans to purchase Countrywide Financial for $4.1 billion in stock. On June 5, 2008, Bank of America Corporation announced it had received approval from the Board of Governors of the Federal Reserve System to purchase Countrywide Financial Corporation. On June 25, 2008, Countrywide announced it had received the approval of 69% of its shareholders to planned merger with Bank of America. On July 1, 2008, Bank of America Corporation completed its purchase of Countrywide Financial Corporation. In 1997 Countrywide spun off Countrywide Mortgage Investment as an independent company called IndyMac Bank. Federal regulators seized IndyMac on July 11, 2008, after a week-long bank run.
2005
For year-ending Dec 31, 2005, amounts in thousands of dollars.
- Total Assets: $235,085,370
- Total Revenues: $13,016,708
- Total Expenses: $5,868,942
- Net Earnings: $2,528,090
- Pre-tax Earnings by Segment:
- Mortgage Banking: $2,434,525
- Banking: $1,074,480
- Capital Markets: $451,629
- Insurance: $183,716
- Global: $35,353
- Other: $(31,937)
2006
For year-ending Dec 31, 2006, amounts in thousands of dollars.
- Total Assets: $85,946,230
- Total Revenues: $5,417,128
- Total Expenses: $5,082,993
- Net Earnings: $1,674,846
- Pre-tax Earnings by Segment:
- Mortgage Banking: $2,062,399
- Banking: $1,080,384
- Capital Markets: $253,500
- Insurance: $120,133
- Global: $28,642
- Other: $(10,923)
In its 2006 annual report to the SEC, CFC disclosed that 19% of its subprime loans were delinquent.
