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Countrywide Reports Record-Breaking Production Performance in August

CALABASAS, Calif., Sept. 7 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE: CCR), a diversified financial services provider, released operational data for the month ended August 31, 2001.

"August was another record-shattering month for Countrywide, with new company landmarks set for fundings, applications and pipeline," said Stanford L. Kurland, chief operating officer. "Total fundings were $11.7 billion, breaking the previous record set in June and topping last month's volume by 11 percent and last August's volume by 105 percent. This includes $6.0 billion in purchase fundings, also an all-time company high, which is a noteworthy achievement in this record-breaking refinance market. Average daily applications of $753 million also established a new mark and rose 105 percent from August 2000. The pipeline of loans in process was a record $19.1 billion, which represents a 107 percent increase from last August. For the fiscal quarter ended August 31, Countrywide established a new funding volume record at $33.5 billion, surpassing the previous mark of $30.6 billion set last quarter.

"In August, our domestic sub-servicing portfolio continued to grow, reaching $314 billion," Kurland continued. "Countrywide's counter-balanced production and servicing operations are designed to sustain continuous growth of our servicing portfolio. The effectiveness of this business model was once again demonstrated in August, as fundings exceeded prepayments by $4.9 billion, yet another company record despite current high prepayment levels in the market. This model is supplemented by our time-tested servicing hedge methodology, which has an 11-year track record of successfully mitigating the impact of servicing asset impairment. During the just-completed quarter, the servicing hedge once again performed in line with management's expectations.

"Countrywide's strength in e-commerce continued to contribute to our success," Kurland added. "In August, e-commerce fundings were $5.5 billion which was 47 percent of total fundings. By integrating the Internet and other technology applications throughout its operations, Countrywide is poised to quickly meet changing market conditions.

"Our diversification activities continued their strong positive momentum in August. LandSafe subsidiaries reflected significant unit growth compared to last August in appraisals (52 percent higher), credit reports (80 percent), title reports (85 percent) and flood determinations (96 percent). Our insurance agency maintained its growth trends as annual premium reached $248 million and policies-in-force neared 545,000. Securities trading volume at Countrywide Securities Corporation was $138 billion, compared to $82 billion last August. Current month net written premium at Balboa, our insurance carrier, was $40 million compared to $18 million a year ago. Our banking operations now have $696 million in total assets, compared to $115 million at May 31, the prior quarter end. Global Home Loans, our European mortgage processing joint venture, continues to process over 10,000 originations per month and subservices over $40 billion in the United Kingdom.

"Countrywide's August statistics demonstrate the continued strength of the market and the power of our business model," Kurland concluded. "Countrywide remains well-positioned not only to capture near-term market opportunities, but also to maintain its growth and profitability trends over the long-term."


                               OPERATING STATISTICS

                             (Dollars in Millions)(1)

                                     August         August         Fiscal

                                    2001 (2)         2000            YTD



       Consumer Fundings:

         Consumer Markets            $3,562          $1,650       $20,041

         Wholesale Lending           $3,743          $1,646       $20,747

         Consumer Markets

          e-Commerce Fundings (3)    $1,169            $294        $7,131

         Wholesale Lending

          e-Commerce Fundings        $3,330          $1,014       $18,220

       Loan Closing Services


         Credit Reports             262,758         145,856     1,400,945

         Appraisals                  32,718          21,563       184,020

         Title Reports                3,885           2,105        19,654

         Flood Determinations        98,258          50,114       541,111

     Consumer Insurance

       Annual Premium on

         Polices-in-Force              $248            $205

         Policies-in-Force (units)  544,612         476,798


     Capital Markets

         Correspondent Fundings      $4,412          $2,385       $23,355

         Institutional e-Commerce

          Fundings (4)               $1,048            $440        $4,709

         Securities Trading

          Volume                   $138,202         $81,928      $670,158

     Processing and Technology

       Domestic Subservicing

       Portfolio (5)

         Volume                    $314,143        $270,471

         Units                    3,081,968       2,741,663

         Prepayments in full         $6,838          $2,285       $40,734

         Bulk Servicing Acquisitions   $566          $4,384        $1,485

         Portfolio Delinquency

          (%) - CHL (6)               4.44%           4.11%

         Foreclosures Pending

          (%) - CHL (6)               0.48%           0.42%

     B2B Insurance

         Current Month Net

          Written Premium               $40             $18          $164


                           OPERATING STATISTICS (1)

                            (Dollars in Millions)

                                     August          August        Fiscal

                                    2001 (2)          2000           YTD


       Mortgage Loan Activity

       (Consumer & Capital Markets)

       Total Loan Fundings          $11,717          $5,681       $64,143

       Total e-Commerce Fundings     $5,547          $1,748       $30,060

       Purchase Fundings             $6,038          $4,631       $30,246

       Refinance Fundings            $5,679          $1,050       $33,897

       Home Equity Fundings            $648            $406        $3,089

       Sub-prime Fundings              $717            $377        $3,058

       Average Daily Loan

        Applications                   $753            $367          $712

       Total Mortgage Loan

        Pipeline                    $19,069          $9,193

        (loans in process)

     Working Days                        23              23           130

    (1)  The above data reflect current operating statistics and do not

         constitute all factors impacting the quarterly and annual financial

         results of the company.  All figures are unaudited and monthly

         figures may be adjusted in the reported financial statements of the

         company.  Such financial statements are provided by the company


         The company makes no commitment to update this information for

         changes in circumstances or events which occur subsequent to the date

         of this release.

    (2)  Sixth month of fiscal year ending February 28, 2002.

    (3)  Includes loans originated through the Internet and telemarketing in

         the Consumer Markets Division and Full Spectrum Lending Inc.

    (4)  Includes loans purchased through the Internet by the Correspondent

         Lending Division.

    (5)  Includes warehouse loans and loans under subservicing agreements for

         other clients.

    (6)  Based on number of loans excluding subserviced loans for other

         clients and Ginnie Mae rewarehouse loans sold into a third

         party-owned conduit.
Founded in 1969, Countrywide Credit Industries, Inc. is a member of the S&P 500 and Forbes 500. The company provides consumer and business-to-business financial services in domestic and international markets. Consumer businesses include mortgages, consumer insurance and other retail financial products. Business-to-business activities encompass processing and technology, capital markets and B2B insurance.

Principal subsidiaries include Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services home loans; Full Spectrum Lending, Inc., a sub-prime residential lender; LandSafe, Inc., a provider of loan closing services; Countrywide Insurance Services, Inc., a full service insurance agency; Countrywide Capital Markets, a mortgage-related investment banker; and Balboa Life and Casualty, a national provider of property, liability and life insurance. In addition, Countrywide holds a majority interest in Global Home Loans, a European mortgage banking joint venture.

For more information about the company, visit Countrywide's website at http://www.countrywide.com.

Certain of the information included in this press release may contain forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results or those anticipated due to a number of factors such as the direction and level of interest rates, competitive and general economic conditions in each of our business sectors, expense and loss levels in our mortgage, insurance and other business sectors, general economic conditions in the United States and abroad and in the domestic and international areas in which we do business, regulatory and legislative environments in which the company operates, changes in accounting and financial reporting standards, decisions by the company to change its business mix, and other risks detailed in documents filed by the company with the Securities and Exchange Commission from time to time. Words like "believe," "expect," "should," "may," "could," "anticipated," "promising" and other expressions which indicate future events and trends identify forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements.

Countrywide Credit Industries, Inc.

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