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Business Description
Countrywide Financial Corp. (CFC), formerly Countrywide Credit Industries, Inc., is a holding company that originates, purchases, sells and services mortgage loans through its principal subsidiary, Countrywide Home Loans, Inc. (CHL), The Company's mortgage loans are principally prime credit first-lien mortgage loans secured by single one- to four-family residences (prime credit first mortgages). The Company also offers home equity loans and sub-prime credit loans. CFC, through its other wholly owned subsidiaries, offers products and services that are largely complementary to its mortgage banking business, including underwriting of lender-placed mortgage insurance, insurance brokerage, mortgage-backed securities brokerage and underwriting, brokerage of bulk servicing transactions, loan processing and servicing in foreign countries, and retail banking. The Company conducts its business through four segments: Insurance Segment, Capital Markets Segment, Global Segment and Banking Segment.

Financial Information
CFC is a holding Co. which, through its principal subsidiary, Countrywide Home Loans, Inc., engages primarily in the mortgage banking business, and as such originates, purchases, sells and services mortgage loans. For the three months ended 3/03, total revenues rose 69% to $1.54 billion. Net income rose 95% to $326.3M. Revenues reflect higher gains on the sale of loans and securities. Net income also reflects lower marketing expenses as a percentage of revenues.