Countrywide Financial (CFC) Updates March 2007 Operational Results

Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended March 31, 2007. Key operational results included the following:

Monthly purchase volume was $17 billion, which compares to $19 billion for the year-ago period.

Home equity loan fundings were $4.0 billion, down 5% from March 2006.

Nonprime loan fundings declined 29% from March 2006 to $2.4 billion at March 2007.

Average daily mortgage loan application activity for March 2007 was $3.1 billion, up 17% from March 2006. The mortgage loan pipeline was $69 billion at March 31, 2007 as compared to $64 billion
at March 31, 2006.

"While current market conditions are creating short-term volatility in our residential mortgage business, management believes the Company is well-positioned to capitalize upon the longer-term opportunities that are being created as the marketplace rationalizes."

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