- Company Reiterates It Has Ample Liquidity and Capital -
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.
This Press Release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
regarding management's beliefs, estimates, projections, and assumptions
with respect to, among other things, the Company's future operations,
financial results, business plans and strategies, as well as industry and
market conditions, all of which are subject to change. Actual results and
operations for any future period may vary materially from those projected
herein and from past results discussed herein. Factors which could cause
actual results to differ materially from historical results or those
anticipated include, but are not limited to: increased cost of debt;
reduced access to corporate debt markets or other sources of liquidity;
unforeseen cash or capital requirements; a reduction in secondary mortgage
market investor demand; increased credit losses due to downward trends in
the economy and in the real estate market; increases in the delinquency
rates of borrowers; competitive and general economic conditions in each of
our business segments such as slower or negative home price appreciation;
changes in general business, economic, market and political conditions in
the United States and abroad from those expected; reduction in government
support of homeownership; the level and volatility of interest rates;
changes in interest rate paths; changes in debt ratings; changes in
generally accepted accounting principles or in the legal, regulatory and
legislative environments in which Countrywide operates; the judgments and
assumptions made by management regarding accounting estimates and related
matters; the ability of management to effectively implement the Company's
strategies; and other risks noted in documents filed by the Company with
the Securities and Exchange Commission from time to time. Words like
"believe," "expect," "anticipate," "promise," "plan," and other expressions
or words of similar meanings, as well as future or conditional verbs such
as "will," "would," "should," "could," or "may" are generally intended to
identify forward-looking statements. The Company undertakes no obligation
to publicly update or revise any forward-looking statements or any other
information contained herein, and the statements made in this press release
are current as of the date of this release only.
SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
CONTACT:
Investors, David Bigelow or Lisa Riordan,
both of Countrywide Financial Corporation, +1-818-225-3550, or
media, 800-796-8448
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