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Countrywide Financial Corp.
Stock Symbol: CFC
4500 Park Granada
Calabasas, CA 91302
818-225-3000 (phone)
818-304-5979 (fax)
Website: Countrywide.com
Index Membership: S&P 500; S&P 1500 Super Comp
Industry: Financial - Mortgage Investment
News releases - read news releases for Countrywide Financial Corp.
Countrywide Financial Corp. Description:
Countrywide is a diversified financial services company focused primarily on real estate finance and related activities. Since their founding in 1969, their mission has been to help individuals and families achieve and preserve the dream of homeownership. Today, this cornerstone principle continues to guide and drive all of their business decisions. It has also produced a high-performance, high-integrity culture that's unique to Countrywide and draws many of the best and brightest in the industry to work there.
Countrywide Financial Corp. Business Summary: (Taken from their 10K filing)
Countrywide Financial Corporation is a holding company which, through its subsidiaries is engaged in mortgage lending and other real estate finance-related businesses, including mortgage banking, banking and mortgage warehouse lending, dealing in securities and insurance underwriting.
They originate and purchase mortgage loans that generally fall into one of the following four categories:
Prime Mortgage Loans — These are prime credit quality first-lien mortgage loans secured by single-family residences.
Prime Home Equity Loans — These are prime credit quality second-lien mortgage loans, including home equity lines of credit, secured by single-family residences.
Non prime Mortgage Loans — These are first and second-lien mortgage loans secured by single-family residences, made to individuals with credit profiles that do not qualify them for a prime loan.
Commercial Real Estate Loans — These are prime credit quality first-lien mortgage loans secured by commercial properties, such as apartment buildings, retail properties, office buildings, industrial sites, hotels and other commercial properties.
The majority of their loan production consists of Prime Mortgage Loans. Prime Mortgage Loans include conventional mortgage loans, loans insured by the Federal Housing Administration (“FHA”) and loans guaranteed by the Veterans Administration (“VA”). A significant portion of the conventional loans qualify for inclusion in guaranteed mortgage securities backed by Fannie Mae or Freddie Mac (“conforming loans”). Some of the conventional loans they produce either have an original loan amount in excess of the Fannie Mae and Freddie Mac loan limit for single-family loans ($417,000 for 2007) or otherwise do not meet Fannie Mae or Freddie Mac guidelines. Loans that do not meet Fannie Mae or Freddie Mac guidelines are referred to as “nonconforming loans.”
