Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

The Name Game

The Name Game

Introducing Countrywide Financial Corporation

November 12, 2002

By CHRISTY ROBINSON

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. 2001Year-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.


Christy Robinson is the editor of MortgageDaily.com. She received a bachelor’s degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at: ChristyRobinson@MortgageDaily.com

Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION