- Company Shows Net Gain of Texas Jobs in 2007; More Than 4,600 Created in
3 Years -
- Total Capital Outlay Balloons to More Than $300 Million -
CALABASAS, Calif., Jan. 30 /PRNewswire/ -- Despite a year of challenges
and job cuts throughout the mortgage industry, Countrywide Financial
Corporation ended 2007 with a slight net gain of jobs in Texas. This keeps
Countrywide ahead of schedule on its job-creation commitment to the Texas
Enterprise Fund (TEF) entering the fourth year of a six-year agreement.
Countrywide reported the progress in its annual TEF certification
letter submitted to the Office of Governor Rick Perry late Tuesday.
In December 2004, Countrywide received a $20 million incentive grant
from the TEF in exchange for its commitment to create at least 7,500 new
jobs in the state by 2010. Under the TEF agreement, Countrywide reports its
job gains -- a "net" figure of total new hires, minus layoffs and attrition
-- and other pertinent information to the state at the end of each year for
comparison to the contractual targets.
From the baseline of 7,038 jobs that existed on December 31, 2004,
through December 31, 2007, Countrywide's work force in Texas increased to
11,694, a gain of 4,656 jobs in three years. The 2007 goal set in
Countrywide's TEF contract is 4,000 jobs.
The average annual salary for these positions was nearly $56,000,
surpassing the company's 2007 TEF commitment of $42,496 by more than 30
percent.
Countrywide's TEF contract specifies that the grant funds be used
directly for property acquisitions and improvements related to facilities
in the state. In 2007, Countrywide spent $65 million on capital
improvements to facilities, primarily in Fort Worth and Plano. The
company's total investment in Texas facilities over the first three years
of the TEF agreement now exceeds $300 million, compared to a robust
original expectation of $200 million for the full six years.
Countrywide will soon file an Economic Impact Report prepared by an
independent third party which will discuss substantial additional benefits
to the State of Texas over the past three years, including indirect
employment gains resulting from the company's growth and capital
expenditures.
The company anticipates that report will demonstrate that Countrywide
has created extraordinary economic benefits to individual workers, other
businesses, and state and local governments by exceeding its interim annual
job creation targets at the end of each of the first three years of its TEF
commitment. The terms of the TEF contract recognize the added benefits to
the state of job growth that is more rapid than required in the earliest
years of the contract by granting credits to the company for the number of
jobs above the annual target levels. By exceeding all annual goals during
the past three years, Countrywide has earned 4,699 credits that may be
applied should there be a shortfall in job creation in the future.
Countrywide has a large corporate presence in the Metroplex, with about
10,000 positions at major office facilities in Plano, Fort Worth and
Richardson; and branch offices throughout the state.
About Countrywide Financial
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) 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 prime and nonprime
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.
SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
CONTACT:
Countrywide Media Relations, 1-800-796-8448,
pressroom@countrywide.com
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