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Countrywide Reports Strong Production Activity in April

Purchase Fundings Reach a Record $7.2 Billion Servicing Portfolio Hits $361 Billion

CALABASAS, CA (May 08, 2002) -- Countrywide Credit Industries, Inc. (CCR) , a diversified financial services provider, released operational data for the month ended April 30, 2002.

"Countrywide's core mortgage banking and diversified businesses delivered strong performance in April," noted Stanford L. Kurland, chief operating officer. "Average daily loan applications remained robust at $845 million, an increase of 25 percent over April of last year. Countrywide's pipeline of loans in process was up 11 percent over the prior year at $21 billion. Application and pipeline trends continue to indicate strong fundings in the near future. April's total mortgage loan fundings of $14.1 billion were up 39 percent over the same period last year.

"Purchase fundings hit a record $7.2 billion in April, a 6 percent increase over the prior month and a 66 percent increase over April last year," Kurland continued. "April's outstanding performance in the purchase market illustrates the success of the strategic enhancements made by the Company to increase market share in this steadily growing component of the mortgage market.

"Countrywide's servicing portfolio continued its uninterrupted growth reaching the $361 billion mark in April, with 3.4 million customers," Kurland added. "The Company's core mortgage business is comprised of production and servicing businesses which are strategically designed to perform in a counter- cyclical manner in various interest rate environments. As demonstrated in April, our production efforts continue to drive the growth of the servicing portfolio as loan fundings exceeded prepayments by $7 billion. 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 solid performance in April. Insurance policies-in-force increased 27 percent, 9 percent and 26 percent, respectively year-over-year, for the Carrier, Agency and Reinsurance business lines. Trading volumes at Countrywide Securities Corporation, our securities broker-dealer subsidiary, were $127 billion, a 30 percent increase over April 2001. Banking, our newest diversification initiative, continues to meet performance objectives with assets at Treasury Bank totaling $3 billion in April. Global Home Loans, our European mortgage processing joint venture, processes over 15,000 loan originations per month and sub-services approximately $50 billion for nearly 800,000 borrowers in the United Kingdom.

"Countrywide's strong April performance across the spectrum of our businesses clearly reflects the success of the business model," Kurland concluded. "The Company is optimally positioned to leverage its intellectual and technological expertise to deliver shareholder value in a variety of interest rate environments."

(Dollars in Millions)

April April Calendar
2002 2001 YTD

Average Daily Loan Applications $845 $675 $926
Total Mortgage Loan Pipeline
(loans in process) $20,569 $18,608

Consumer Markets Divisions'
Fundings $4,053 $3,297 $16,097
Wholesale Lending Division
Fundings $3,931 $3,228 $17,116
Correspondent Lending Division
Fundings $6,107 $3,654 $24,781
Treasury Bank Fundings(2) $20 -- $150
Total Loan Fundings $14,111 $10,179 $58,144

Purchase Fundings $7,151 $4,316 $25,296
Refinance Fundings $6,960 $5,863 $32,848

Total e-Commerce Fundings(3) $6,282 $4,656 $26,870
Home Equity Fundings $924 $394 $3,273
Sub-prime Fundings $602 $437 $2,582

Loan Closing Services (units)
Credit Reports 333,340 199,314 1,255,659
Flood Determinations 113,200 87,648 467,571
Appraisals 30,480 30,720 118,331
Automated Property Valuation
Services 169,279 131,449 667,221
Title Reports 2,768 2,810 11,876
Default Title Orders 4,175 2,179 13,834
Other Title and Escrow Services 1,430 2,637 6,700
Home Inspections 1,002 502 3,325

Volume $360,993 $297,760
Units 3,393,355 2,971,562
Prepayments in Full $7,098 $6,621 $30,798
Bulk Servicing Acquisitions $52 $55 $1,186
Portfolio Delinquency (%) - CHL(5) 4.17% 4.50%
Foreclosures Pending (%) - CHL(5) 0.61% 0.60%

Policies-in-Force (units)
Carrier 2,596,113 2,043,687
Agency 570,860 525,823
Reinsurance 355,577 281,590

Securities Trading Volume $127,405 $98,329 $560,695

Assets held by Treasury Bank $3,013 --

Working Days 22 21

(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) Treasury Bank funds loans for investment portfolio; these loans are
processed for Treasury Bank by the production divisions.
(3) Includes loans originated through the Internet and telemarketing in
the Consumer Markets Division, Full Spectrum Lending, Inc. and the
Wholesale Lending Division and loans purchased through the Internet by
the Correspondent Lending Division.
(4) Includes warehouse loans and loans under subservicing agreements for
other clients.
(5) 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.
(6) Treasury Bank was acquired May 18, 2001.
Countrywide Credit Industries, Inc.

About Countrywide:
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 through the activities of Balboa Life and Casualty, a national provider of property, liability, and life insurance; Second Charter, a captive mortgage reinsurance company; Countrywide Capital Markets, a mortgage-related investment banker; Treasury Bank, N.A., a banking entity offering customers CDs, money market accounts, and home loan products; and Global Home Loans, a European mortgage banking joint venture in which Countrywide holds a majority interest.

This Press Release may contain forward-looking statements. These discussions include forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections, and assumptions with respect to future operations. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: loss of investment grade rating; severe real estate recession; significant reduction in government support of homeownership; loss of access to debt and equity markets; the level of, and direction of changes in interest rates; competitive and general economic conditions in each of our business segments; general economic conditions in the United States and abroad and in the domestic and international areas in which we do business; the availability of secondary markets for the Company's mortgage loan products; ineffectiveness of our hedging activities; the legal, regulatory and legislative environments in the markets in which the Company operates; performance of the Company's securities, financial instruments and markets as a whole in response to world events; other risks detailed in documents filed by Countrywide with the Securities and Exchange Commission from time to time; and loss in the value of unhedged assets.

Words like "believe", "expect", "should", "may", "could", "anticipated", "promising" and other expressions that 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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