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Countrywide Reports Strong Production Activity in March

Record Purchase Loan Funding Volumes

Servicing Portfolio Reaches $355 Billion

CALABASAS, CA (April 8, 2002) -- Countrywide Credit Industries, Inc. (CCR) , a diversified financial services provider, released operational data for the month ended March 31, 2002.

"Countrywide's core mortgage banking and diversified businesses delivered strong performance in March," noted Stanford L. Kurland, chief operating officer. "Average daily loan applications remained robust at $851 million, an increase of 16 percent over March of last year. Countrywide's pipeline of loans in process was up 17 percent over the prior year at $21 billion. Application and pipeline trends continue to indicate strong fundings in the near future. Total mortgage loan fundings of $15.2 billion in March represented the third highest funding month in the Company's history.

"Purchase fundings reached a new record of $6.7 billion, a 15 percent increase over the prior month and a 63 percent increase over March last year," Kurland continued. "Countrywide is strategically focused on capturing a greater share of the home purchase market, the consistent growth component of the mortgage originations market. This outstanding performance illustrates the success of the Company's strategic initiative to deploy a new commissioned sales force to grow our purchase market share.

"Countrywide continued the uninterrupted growth of its servicing portfolio by reaching the $355 billion mark in March, with 3.4 million customers," Kurland added. "Our macro-hedge is strategically designed to properly balance production and servicing businesses which perform counter-cyclically. Our outstanding production performance continues to drive the continuous growth of the servicing portfolio as loan fundings exceeded prepayments by $7.3 billion in March, another all-time company record. Today, the servicing portfolio is well positioned to produce greater earnings as interest rates rise.

"The evolution of our diversified businesses, which are less sensitive to mortgage interest rate cycles, is evident in their impressive March results. Insurance, Capital Markets and Banking businesses all reported sequential operating metric increases in March. Carrier monthly net written premiums were $37 million, a 147 percent increase over the same period last year. Insurance agency annual premiums on policies-in-force reached a record level of $288 million in March with policies-in-force now at 587,000.

"Trading volumes at Countrywide Securities Corporation, our investment banking subsidiary, surpassed $150 billion, a 34 percent increase over March 2001. Banking, our newest diversification initiative, continues to meet growth plans with total assets at Treasury Bank reaching nearly $3 billion in March. Global Home Loans, our European mortgage processing joint venture, processes over 15,000 loan originations per month and sub-services over $42 billion for almost 800,000 borrowers in the United Kingdom.

"Countrywide's exceptional operating performance in March clearly indicates that the core mortgage banking and diversification businesses are operating as designed," Kurland concluded. "Countrywide's businesses are strategically balanced and managed with the goal of optimizing the value of our enterprise in all interest rate environments."

(Dollars in Millions)

March March Calendar
2002 2001 YTD
Average Daily Loan Applications $851 $734 $719
Total Mortgage Loan Pipeline
(loans in process) $21,389 $18,259

Consumer Markets Divisions' Fundings $4,417 $3,014 $12,170
Wholesale Lending Division Fundings $4,713 $3,215 $13,189
Correspondent Lending Division
Fundings $6,074 $3,334 $18,674
Total Loan Fundings $15,204 $9,563 $44,033

Purchase Fundings $6,741 $4,123 $18,145
Refinance Fundings $8,463 $5,440 $25,888

Total e-Commerce Fundings(2) $7,157 $4,336 $20,588
Home Equity Fundings $839 $407 $2,349
Sub-prime Fundings $673 $437 $1,980

Loan Closing Services (units)
Credit Reports 313,208 228,170 922,319
Flood Determinations 116,041 80,531 354,371
Appraisals 30,746 30,064 87,851
Automated Property Valuation
Services 148,039 131,939 497,942
Title Reports 3,276 2,990 9,108
Default Title Orders 3,520 2,681 9,659
Other Title and Escrow Services 1,600 2,701 5,270
Home Inspections 835 492 2,323

Volume $355,020 $295,749
Units 3,351,071 2,959,829
Prepayments in Full $7,880 $6,540 $23,700
Bulk Servicing Acquisitions $389 $40 $1,134
Portfolio Delinquency (%) - CHL(4) 4.43% 4.32%
Foreclosures Pending (%) - CHL(4) 0.66% 0.60%

Current Month Net Written Premium $37 $15 $123
Annual Premium on Policies-in-Force $288 $232
Policies-in-Force (units) 587,151 522,292

Securities Trading Volume $149,544 $111,605 $433,290

Assets held by Treasury Bank $2,985 --

Working Days 21 22

(1) The above data reflect current operating statistics and does 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 release.
(2) Includes loans originated through the Internet in all production
divisions, and telemarketing in the Consumer Markets Division and
Full Spectrum Lending Inc.
(3) Includes warehouse loans and loans under subservicing agreements for
other clients.
(4) Expressed as a percentage of the total number of loans serviced,
excluding subserviced loans and portfolios purchased at a discount
due to their non-performing status.
(5) Treasury Bank was acquired May 18, 2001.
Countrywide Credit Industries, Inc.

Founded in 1969, Countrywide Credit Industries, Inc. is a member of the S&P 500, Forbes 500 and Fortune 500. The company provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing primarily through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services prime-quality loans. Also included in Countrywide's mortgage banking segment is the LandSafe group of companies that provide loan closing services. Diversified financial services encompass insurance, capital markets, global, and banking, largely throug