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Restatements at Countrywide, Flagstar

Recognition of gains at issue with both companies

March 14, 2005

By MortgageDaily.com staff

Two national mortgage lenders reported they will need to restate earnings.

Countrywide Financial Corp. said in a FORM 8-K filing today with the SEC it expects to move $185.7 million in gain-on-sale income from the second quarter of 2003 to the third quarter.

The adjustment comes on the heels of a similar move in February when the company said it would shift income from 2004 to 2005.

The income adjustment will result in an increase of $2.9 billion in both mortgage loans held for sale and notes payable at June 30, 2003, the filing said.

In an unrelated announcement, Flagstar Bancorp Inc. said Friday that it had reduced its fourth quarter 2004 earnings by $0.04 per diluted share to defer a gain recognized in December 2004 from a terminated interest rate hedging position. The gain will be recorded in 2005 and 2006.

"The adjustment to 2004 earnings reflects that the hedged forecast transactions remained, so the cash gain created by the elimination of the hedge could not be recognized in current earnings," Flagstar said. "The after-tax cash gain will be recognized as an adjustment to equity as an addition to Other Comprehensive Income."

The Troy, Mich.-based lender which said it uses interest rate swap agreements and other instruments to protect itself from interest rate changes.

The resulting change applies only to the unaudited financial results Flagstar reported for 2004, according to the announcement.

Flagstar also announced an unrelated adjustment to its retained earnings to correct a cumulative overstatement of its accrued interest receivable. The change will not have any effect in its 2004 earnings or on its compliance with bank regulatory capital requirements, nor will it change previously issued earnings per share guidance for 2005.


Countrywide Restates Income
Countrywide Financial Corp. has restated its unaudited earnings -- moving a portion of income from 2004 to 2005. The restatement reflects a change in its recognition of gain on sale earnings.
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