Countrywide Financial Corp. today announced net earnings of $700 million for the second quarter of 2004. That’s an increase of 83 percent over net earnings of $383 million in the second quarter of 2003.

Earnings per diluted share were $2.24, up 64 percent from last year’s second-quarter earnings per share of $1.37.

Total loan production volume was $100 billion for the quarter, down 23 percent from the comparable quarter last year. That was a result of a 45 percent decline in refinance volume. Purchase volumes, however, rose 40 percent from the second quarter of 2003 to a record $46 billion.

The company’s portfolio rose to a record $726 billion, up $81 billion from the beginning of the year.

“During a quarter with transitional market conditions, Countrywide delivered solid results,” said chairman and CEO Angelo R. Mozilo. “Diluted earnings per share were $2.24, our second best quarter on record. This demonstrates Countrywide’s ability to execute its strategic plan, prudently manage risk and right size its operational infrastructure in the midst of a volatile interest rate environment.”

Recent news reports have said Countrywide is the expected buyer of Cendant’s mortgage business. Cendant announced Tuesday that it is in talks with a potential buyer for its mortgage business, but did not reveal its name.

***

Send tips or a Letter to the Editor to samantha@inman.com or call (510) 658-9252, ext. 140.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×