|What's in a name? According to Countrywide Credit Industries, a reflection of diversified financial services.
That's why the company is changing its name to Countrywide Financial Corporation, it reported.
The company's two top executives, Angelo R. Mozilo and Stanford L. Kurland, will ring the opening bell at the New York Stock Exchange on Wednesday. The company's new ticker symbol, CFC, also will be introduced.
"As Countrywide progresses in its diversification efforts and takes its deserved place among the elite financial services providers, this name change sends a powerful message of our determination and commitment to future growth," said Mozilo, chairman, chief executive officer, and president of Countrywide.
The company has six business segments: mortgage banking, loan closing services, insurance services, capital markets, banking, and global, which is a European mortgage processing and servicing venture, the announcement said.
At the Mortgage Bankers Association of America's annual convention and expo last month, Mozilo interviewed former President George H.W. Bush, inquiring about time management, people management, and lessons learned while in office.
Total loan fundings for Countrywide in October reached a record high of $34.7 billion, a 37% increase from September and more than double the fundings during Oct. 2001. Year-to-date (YTD) fundings total $185 billion.
Net earnings during the third quarter reportedly totaled $228 million, a 53% increase over last year's figure. Mortgage banking pre-tax earnings hit $256 million, a 39% increase over last year.
Mozilo and David Loeb, both native New Yorkers, founded Countrywide in 1969, according to the company. While Mozilo remains chairman, CEO, and president of Countrywide, Loeb retired from the company in 1999. He remains chairman of Indy Mac Bank, a company formerly affiliated with Countrywide.