Countrywide Reports April 2007 Operational Results

CALABASAS, Calif., May 9 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended April 30, 2007. Key operational results included the following:

  *  Mortgage loan fundings for the month of April totaled $40 billion, an
     increase of 11 percent from April 2006.

     --  On a consolidated basis, Countrywide funded $2.7 billion in
         pay-option loans during the month as compared to $6.7 billion in
         April 2006.  Year-to-date fundings for pay-option loans totaled
         $12.3 billion, as compared to $28.4 billion for the same prior year
         period.  These amounts include pay-option loans that have a fixed
         rate for five years, which totaled $1.3 billion in April 2007 and
         $3.7 billion year-to-date.

  *  Average daily mortgage loan application activity for April 2007 was
     $3.1 billion, up 20 percent from April 2006.  The mortgage loan
     pipeline was $69 billion at April 30, 2007 as compared to $64 billion
     at April 30, 2006.

  *  The mortgage loan servicing portfolio continued to grow, totaling
     $1.4 trillion at April 30, 2007.  This is an increase of $207 billion,
     or 18 percent, from April 30, 2006.

  *  Banking Operations' assets were $86 billion at April 30, 2007, which
     compares to $79 billion at April 30, 2006.

  *  Securities trading volume in the Capital Markets segment of $309
     billion for April 2007 was 10 percent higher when compared to the same
     month last year.

  *  Net earned premiums from the Insurance segment totaled $110 million,
     up 20 percent from April 2006.

"Residential mortgage loan production for the month of April 2007 increased 11 percent as compared to April 2006," said David Sambol, President and Chief Operating Officer. "Refinance activity remains elevated, accounting for 61 percent of total monthly production activity, which compares to 54 percent one year ago. Indicative of underwriting guideline tightening, nonprime production declined to 4 percent of monthly origination volume, compared to 9 percent in April of last year. Reflecting a pick-up in mortgage activity, mortgage loan application volume and ending pipeline were up 20 percent and 8 percent, respectively, as compared to the year-ago period.

"Strong year-over-year improvement in all other business lines rounded out the month. The loan servicing portfolio continued its uninterrupted climb, increasing by 18 percent; Banking Operations assets rose 9 percent; Capital Markets trading volume rose 10 percent; and Insurance net earned premiums increased by 20 percent."

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 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/.

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, 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: 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; loss of investment grade ratings that may result in an increase in the cost of debt or loss of access to corporate debt markets; reduction in government support of homeownership; the level and volatility of interest rates; changes in interest rate paths; increases in the delinquency rates of borrowers; changes in generally accepted accounting principles or in the legal, regulatory and legislative environments in the markets in which the Company 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.

            COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
                         OPERATING STATISTICS(1)
                          (Dollars in Millions)

                                 Month Ended             Year-to-Date
                             April 30    April 30    April 30     April 30
                               2007        2006        2007         2006

  LOAN PRODUCTION
  Number of Working Days
   in the Period                  20          20           82          82
  Average Daily Mortgage
   Loan Applications          $3,084      $2,562       $3,013      $2,546
  Mortgage Loan Pipeline
   (loans-in-process)        $68,747     $63,739
  Commercial Real Estate
   Loan Pipeline
   (loans-in-process)         $2,845        $709

  Loan Fundings (2):
   Retail Lending            $13,578     $12,413      $52,589     $47,039
   Wholesale Lending           7,963       8,419       30,151      32,068
   Correspondent Lending      18,294      13,263       68,067      54,399
   Capital Markets Purchases     192       1,943        2,021       5,950
   Banking Operations
    Purchases (2)                453         307        2,616       2,421
     Total Mortgage Loan
      Fundings                40,480      36,345      155,444     141,877
   Commercial Real Estate
    Lending                      930         252        2,941       1,218
     Total Loan Fundings     $41,410     $36,597     $158,385    $143,095

     Total Bank Mortgage
      Loan Fundings (3)      $16,048      $5,303      $59,770     $19,976

  Loan Fundings in Units (2):
   Retail Lending             78,759      81,216      296,894     312,184
   Wholesale Lending          38,582      40,501      144,501     155,843
   Correspondent Lending      90,113      65,684      336,112     269,189
   Capital Markets Purchases     738       7,749        6,390      23,134
   Banking Operations
    Purchases (2)              2,723       5,863       22,340      12,312
     Total Mortgage Loan
      Fundings               210,915     201,013      806,237     772,662
   Commercial Real Estate
    Lending                       89          32          301         120
     Total Loan Fundings     211,004     201,045      806,538     772,782

     Total Bank Mortgage
      Loan Fundings (3)       94,593      43,776      352,252     149,562

  Mortgage Loan
   Fundings (2)(4):
   Purchase                  $15,866     $16,629      $59,032     $63,639
   Non-purchase               24,614      19,716       96,412      78,238
     Total Mortgage
      Loan Fundings          $40,480     $36,345     $155,444    $141,877

  Mortgage Loan Fundings
   by Product (2):
   Government Fundings        $1,532      $1,045       $5,071      $3,923
   ARM Fundings              $11,424     $17,344      $52,382     $71,066
   Home Equity Fundings       $3,480      $4,192      $14,019     $15,255
   Nonprime Fundings          $1,682      $3,292       $9,563     $12,497

  MORTGAGE LOAN
   SERVICING (5)
    Volume                $1,370,760  $1,164,010
    Units                  8,522,364   7,637,270
    Subservicing
     Volume (6)              $16,338     $22,541
    Subservicing Units       171,381     216,296
    Prepayments in Full      $20,088     $16,540      $77,920     $63,543
    Bulk Servicing
     Acquisitions             $2,962         $16      $15,399        $117
    Servicing Portfolio
     Performance - CHL (7)
    Delinquency as a
     percentage of:
     unpaid principal
      balance                   4.23%       3.56%
     number of loans
      serviced                  4.45%       4.06%
    Foreclosures Pending as
     a percentage of:
     unpaid principal
      balance                   0.85%       0.43%
     number of loans
      serviced                  0.69%       0.46%

  LOAN CLOSING SERVICES
   (units)
    Credit Reports           982,765      820,238   3,813,833   3,383,123
    Flood Determinations     274,407      276,384   1,137,258   1,130,712
    Appraisals               116,062       99,621     452,234     379,194
    Automated Property
     Valuation Services      634,281    1,048,619   3,005,461   3,104,163
    Other                     24,020       12,634      97,554      62,412
      Total Units          2,031,535    2,257,496   8,506,340   8,059,604

  CAPITAL MARKETS
    Securities Trading
     Volume (8)             $308,694     $281,690  $1,306,636  $1,260,045

  BANKING
    Banking Operations
     Assets (in billions)        $86          $79

  INSURANCE
    Net Premiums Earned:
     Carrier                   $89.3        $73.1      $360.2      $301.1
     Reinsurance                20.9         18.7        84.2        70.5
      Total Net Premiums
       Earned                 $110.2        $91.8      $444.4      $371.6

  Period-end Rates
    10-Year U.S.
     Treasury Yield             4.63%        5.07%
    FNMA 30-Year Fixed
     Rate MBS Coupon            5.76%        6.10%



  (1) This data reflects current operating statistics and do not constitute
      all factors impacting the quarterly and annual financial results of
      the Company.  All figures are unaudited and monthly figures may be
      adjusted in the reported financial statements of the Company.  Such
      financial statements are provided by the Company quarterly.  The
      Company makes no commitment to update this information for changes in
      circumstances or events which occur subsequent to the date of this
      release.
  (2) During December 2006, the Company began reporting Banking Operations
      purchases from third parties.  Prior months have been restated to
      reflect these purchases.
  (3) These loans are either processed for Countrywide Bank by the Company's
      Mortgage Banking production divisions or purchased from non-affiliates
      and are included in "Total Mortgage Loan Fundings" above.  The amounts
      include loans funded for both investment purposes and for sale.  The
      Company will report the amount of such loans subsequently sold on a
      quarterly basis.
  (4) Purchase fundings include first trust deed and home equity loans used
      as purchase money debt in the acquisition of a home. Non-purchase
      fundings include first trust deed refinance loans, home equity
      refinance loans, and stand-alone home equity loans.
  (5) Includes loans held for sale, loans held for investment, and loans
      serviced for others, including those under subservicing agreements.
  (6) Subservicing volume for non-Countrywide entities.
  (7) Excluding subserviced loans and portfolios purchased at a discount due
      to their non-performing status.
  (8) Includes trades with Mortgage Banking Segment.