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Countrywide Reports September Operations Data

CALABASAS, Calif., Oct. 9 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE: CCR), a diversified financial services provider, released operational data for the month ended September 30, 2001.

"September was another exceptional month for Countrywide, with new milestones achieved in key mortgage loan metrics -- applications and pipeline," said Stanford L. Kurland, chief operating officer. "Average daily applications reached a new high of $888 million, an 18 percent increase over August's record-setting $753 million and more than double last year's $404 million in average daily applications. The pipeline of loans in process topped last month's record by 12 percent, totaling $21.3 billion. On a year over year basis, the pipeline of loans rose by 122 percent from $9.6 billion in September 2000. Total fundings were $10.4 billion, despite the fact there were only 19 working days in September as opposed to 23 days in August. Average daily fundings in September actually grew 7 percent from the prior month to $547 million.

"In September, our domestic sub-servicing portfolio increased to $319 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 again demonstrated in September, as fundings exceeded prepayments by $4.7 billion, an increase of 34 percent over September 2000's $3.5 billion. This model is enhanced by our time-tested servicing hedge methodology that has an 11-year track record of successfully mitigating the effect of servicing asset impairment. During September, the servicing hedge once again performed in line with management's expectations.

"Countrywide's strength in e-commerce continues to make a meaningful impact," Kurland added. "In September, e-commerce fundings were $5.0 billion, representing 48 percent of total volume, compared to last September when
e-commerce fundings represented just 32 percent. By integrating the Internet and other technology applications throughout its operations, Countrywide is poised to quickly respond to a dynamic market.

"We take pride in maintaining the upward momentum of our diversification efforts. In September, our LandSafe subsidiaries achieved another month of significant year over year unit growth in appraisals (63 percent higher), credit reports (85 percent higher), title reports (112 percent higher) and flood determinations (84 percent higher). Our insurance agency maintained its growth trends as annual premium reached $257 million and policies-in-force reached over 550,000. Securities trading volume at Countrywide Securities Corporation was $104 billion, compared to $53 billion last September. Current month net written premium at Balboa, our insurance carrier, was $39 million compared to $19 million a year ago. Our banking operations now have $735 million in total assets, compared to $696 million last month. 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 September results validate the effectiveness of our business model and the continued strength of the mortgage finance industry," Kurland concluded. "Countrywide remains well-positioned to capture near-term market opportunities as well as provide growth over the longer term through our earnings diversification model."


                             OPERATING STATISTICS(1)

                              (DOLLARS IN MILLIONS)

                                           September  September    Fiscal

                                            2001(2)      2000       YTD



      Consumer Fundings:

        Consumer Markets                    $3,391      $1,540    $23,432

        Wholesale Lending                   $3,260      $1,595    $24,007

        Consumer Markets e-Commerce

         Fundings(3)                        $1,110        $306     $8,241

        Wholesale Lending e-Commerce

         Fundings                           $2,949      $1,033    $21,169

      Loan Closing Services (units):

        Credit Reports                     241,663     130,453  1,642,608

        Appraisals                          29,890      18,360    213,910

        Title Reports                        3,506       1,657     23,160

        Flood Determinations                86,529      46,960    627,640

    Consumer Insurance

      Annual Premium on Polices-in-Force      $257        $211

      Policies-in-Force (units)            553,906     484,123


      Assets held by Treasury Bank(4)         $735          --


    Capital Markets

      Correspondent Fundings                $3,734      $2,362    $27,089

      Institutional e-Commerce

       Fundings(5)                            $950        $414     $5,659

      Securities Trading Volume           $103,952     $52,708   $774,110

    Processing and Technology

      Domestic Subservicing


        Volume                            $318,650    $274,335

        Units                            3,120,002   2,777,673

        Prepayments in full                 $5,665      $1,974    $46,399

        Bulk Servicing Acquisitions           $741        $408     $2,226

        Portfolio Delinquency

         (%) - CHL (7)                       5.18%       4.42%

        Foreclosures Pending (%) - CHL(7)    0.51%       0.42%

    B2B Insurance

        Current Month Net Written Premium      $39         $19       $203


      Mortgage Loan Activity

     (Consumer & Capital Markets)

        Total Loan Fundings                $10,385      $5,497    $74,528

        Total e-Commerce Fundings           $5,009      $1,753    $35,069

        Purchase Fundings                   $4,882      $4,399    $35,128

        Refinance Fundings                  $5,503      $1,098    $39,400

        Home Equity Fundings                  $529        $397     $3,618

        Sub-prime Fundings                    $548        $364     $3,606

        Average Daily Loan Applications       $888        $404       $732

        Total Mortgage Loan Pipeline       $21,262      $9,589

         (loans in process)

    Working Days                                19          20        149

    (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 quarterly.  The

        company makes no commitment to update this information for changes in

        circumstances or events which occur subsequent to the date of this


    (2)Seventh month of fiscal year ending December 31, 2001.  Beginning

        January 1, 2002 Countrywide will report on a calendar year basis.

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

        the Consumer Markets Division and Full Spectrum Lending Inc.

    (4) Treasury Bank was acquired May 18, 2001.

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

        Lending Division.

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

        other clients.

    (7)Based on number of loans excluding subserviced loans for other clients

        and Ginnie Mae rewarehouse loans sold into a third party-owned

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, the legal, regulatory and legislative environments in which the company operates, valuation of our assets and effectiveness of our hedging activities under existing or future accounting standards, performance of individual securities, financial instruments and markets as a whole in response to world events, 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.

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