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Countrywide Comments on Financial Condition

by PR Newswire - Nov 20,2007

CALABASAS, Calif., Nov. 20 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE:CFC) today commented on its financial condition. Consistent with the commentary provided in connection with the Company's third quarter 2007 earnings conference call held on October 26, management continues to believe that Countrywide has ample liquidity and capital and will be a beneficiary of ongoing mortgage market consolidation.

The Company disclosed that it had $35.4 billion in highly reliable liquidity available at October 31, 2007, up from $33.6 billion available at September, 2007. Countrywide Bank, the Company's primary operating entity, has sufficient liquidity available to meet its projected operating and growth needs and has accumulated significant contingent liquidity in response to evolving market conditions. Countrywide Home Loans is expected to service debt maturities beyond 2008 without additional debt issuance. In addition, the Company reiterated that it has excess regulatory and credit-rating agency capital.

It is noteworthy that Moody's Investors Services yesterday confirmed Countrywide's investment grade credit ratings. The Company and its subsidiaries also enjoy investment grade ratings from the other major credit rating agencies, Standard & Poor's and Fitch Ratings.

About Countrywide Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services residential and commercial loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's website at http://www.countrywide.com/.

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Source: Countrywide Financial Corporation

Presented by InsuranceHeadlines.com

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