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by CareyBot

Countrywide Financial Corp. managed to boost profits by 27 percent in the second quarter of 2006 despite rising interest rates and a 3 percent decline in loan volume, the company announced today. The Calabasas, Calif.-based lender reported earnings of $722 million for the quarter, up 27 percent from 2005. That brought earnings per share to $1.15, up 25 percent from the same quarter last year. Total loan fundings were down 3 percent to $118 billion. Countrywide shares were trading at $38.76 Tuesday afternoon, down 1.5 percent from $39.35 at the close of trading Monday. Countrywide reports it has $65 billion in mortgage loan applications in the pipeline, is introducing new products including reverse mortgages, and is originating new loans with production sales force of more than 16,000 p...