Countrywide Receives Conditional OCC Approval; - Industry leader one step closer to complete diversification -

Apr 10, 2001, 01:00 ET from Countrywide Credit Industries, Inc.

    CALABASAS, Calif., April 10 /PRNewswire/ -- Countrywide Credit Industries,
 Inc. (NYSE:   CCR), a diversified financial services provider and a member of
 the S&P 500, along with its majority-owned affiliate, Effinity Financial
 Corporation, announced today that it has received conditional approval from
 the Office of the Comptroller of the Currency (OCC) for the acquisition of
 Treasury Bank.  This is a significant step forward in Countrywide's evolution
 into a fully diversified financial services provider.
     "This decision strengthens Countrywide's overall strategy to further
 diversify our consumer offerings so that our nearly 3 million mortgage
 customers and 500,000 insurance customers can simplify their finances with a
 single trusted provider," said Countrywide's Chairman, President and Chief
 Executive Officer Angelo R. Mozilo.  "Our long-term approach has been to build
 upon our mortgage customer base by expanding into a wider range of financial
 products and services, including insurance and investments."
     "The bank will enhance Countrywide's value proposition to customers and
 further diversify the company's operations," said Countrywide's Chief
 Operating Officer and Executive Managing Director Stanford L. Kurland.  "It
 also enables us to leverage our customer base, asset generation channels,
 technology and other assets, which will strengthen the bank and improve its
 profitability."
     Following all regulatory approvals, Countrywide will be able to increase
 the distribution of products and services to its mortgage customers.  In
 addition to Countrywide's comprehensive mortgage product line, the company
 offers life, property and casualty insurance, credit cards, home equity lines
 of credit, real estate closing services and investments products.  The further
 diversification of Countrywide's product offerings will strengthen customer
 retention and provide enhanced customer relationships.
     Founded in 1969, Countrywide Credit Industries, a member of the Forbes
 500, provides consumer and business-to-business financial services in domestic
 and international markets.  Consumer businesses include mortgages, insurance
 and other financial products.  Business-to-business activities encompass
 capital markets, transaction processing and insurance.  The company is
 headquartered in Calabasas, California and has more than 12,000 employees with
 over 500 offices.
     Principal subsidiaries include Countrywide Home Loans, Inc., which
 originates, purchases, securitizes, sells and services home loans; Full
 Spectrum Lending, Inc., a sub-prime residential lender; the LandSafe
 companies, providers of loan closing services; Countrywide Insurance Services,
 Inc., a full service insurance agency; Countrywide Capital Markets, a
 mortgage-related investment banker; and Balboa Life & Casualty, a national
 provider of property, liability and life insurance.  In addition, Countrywide
 owns 50 percent of Global Home Loans, Ltd. a European mortgage banking joint
 venture.
 
     For more information about the company, visit Countrywide's Web site at
 www.countrywide.com.
 
     Certain of the information included in this press release may contain
 forward-looking statements.  These forward-looking statements are subject to
 certain risks and uncertainties, which could cause actual results to differ
 materially from historical results or those anticipated due to a number of
 factors such as the direction and level of interest rates, competitive and
 general economic conditions in each of our business sectors, expense
 management and other risks detailed in documents filed by the company with the
 Securities and Exchange Commission from time to time.  Words like "believe,"
 "expect," "should," "may," "could," "anticipated" and other expressions which
 indicate future events and trends identify forward-looking statements.  The
 company undertakes no obligation to publicly update or revise any forward-
 looking statements.
 
     Editor's Note:
 
     Mortgages:
     Countrywide Home Loans, Inc., is the primary subsidiary of Countrywide
 Credit Industries, Inc.  It originates, purchases, securitizes, sells and
 services home loans, according to its founding principle of affordable
 homeownership.  Countrywide Home Loans is the largest direct online lender,
 offering loan applications, rich content and strong transaction capability
 through www.countrywide.com and a nationwide branch network.
 
     Founded in 1996, Full Spectrum Lending, Inc., offers a wide range of
 competitively priced, fixed- and adjustable-rate loan products to borrowers
 who have unique financial needs.  Full Spectrum caters to consumers who are
 self-employed or have less-than-perfect credit.  Headquartered in Pasadena,
 California, Full Spectrum Lending has 50 branches across the nation.
 Additional information is available at www.fullspectrumlending.com.
 
     Insurance:
     Based in Simi Valley, California, Countrywide Insurance Services, Inc. is
 an independent, full-service agency that works with top-rated insurance
 carriers.  Countrywide Insurance Services offers consumers a one-stop, trusted
 source for a full range of affordable insurance solutions, including
 homeowners, home warranty protection, automobile, life and annuity insurance
 products.  The company is dedicated to quality customer service and provides
 fast, free, accurate no-obligation quotes online and by telephone. Countrywide
 Insurance Services, Inc., is a principal subsidiary of Countrywide Credit
 Industries, Inc. For more information visit www.cwinsurance.com.
     DirectNet Insurance Agency, Inc., helps business professionals provide
 comprehensive insurance services to their customers.  DirectNet offers
 affordable insurance solutions from a broad range of top-rated insurance
 carriers for homeowners, home warranty and automobile coverage.  As an
 affiliate of Countrywide Insurance Services, Inc., DirectNet is a member of
 the Countrywide Credit Industries family of companies.
    For more than half a century, Balboa Life & Casualty has been offering a
 wide range of insurance programs designed for financial institutions and their
 customers.  Balboa Life & Casualty is licensed in all 50 states and is
 comprised of Balboa Insurance, Meritplan Insurance, Balboa Life Insurance,
 Newport Insurance Companies and Balboa Life of New York.  Each of these
 subsidiaries has earned a prestigious "A" rating, based on performance and
 financial stability, from A.M. Best Company, a leading independent insurance
 analyst.  The company is headquartered in Irvine, California, and has a
 network of sales and service centers throughout the country.
 
     Third Party Originations
     Countrywide's Securities Corporation specializes in trading and
 underwriting of fixed income products, with an emphasis on mortgages and
 mortgage-related products, agency and corporate debt, and certificates of
 deposit.
     Through its nationwide network of locally empowered wholesale branches,
 Countrywide's Wholesale Lending Division provides mortgage professionals with
 unsurpassed service and a wide array conventional, government, expanded
 criteria, home equity and subprime loan products.  The Countrywide Wholesale
 Business Channel, www.cwbc.com, provides access to automated underwriting,
 loan registration and other services.
 
     Closing Services:
     Founded in 1994, LandSafe, Inc., a subsidiary of Countrywide Credit
 Industries, Inc., provides high-value-added real estate closing services
 through its subsidiaries, using technology and automation to reduce costs. The
 services include property appraisals, credit reporting, flood determination,
 home inspections, title insurance and escrow services for residential mortgage
 transactions.  For more information, please call 1-877-LS-CLOSE or visit
 LandSafe on the Web at www.landsafe.com.
 
     Retail Financial Services:
     This division is responsible for Countrywide's initiatives to deliver a
 full array of financial services and "home-centric" products that complement
 Countrywide's mortgage lending and servicing business units.  The
 consolidation of our existing marketing efforts for personal insurance,
 annuities, mutual funds, and credit cards under a single umbrella will allow
 for a consistent and uniform presentation to our customers and leverage the
 common infrastructure that exists today.
 
 

SOURCE Countrywide Credit Industries, Inc.
    CALABASAS, Calif., April 10 /PRNewswire/ -- Countrywide Credit Industries,
 Inc. (NYSE:   CCR), a diversified financial services provider and a member of
 the S&P 500, along with its majority-owned affiliate, Effinity Financial
 Corporation, announced today that it has received conditional approval from
 the Office of the Comptroller of the Currency (OCC) for the acquisition of
 Treasury Bank.  This is a significant step forward in Countrywide's evolution
 into a fully diversified financial services provider.
     "This decision strengthens Countrywide's overall strategy to further
 diversify our consumer offerings so that our nearly 3 million mortgage
 customers and 500,000 insurance customers can simplify their finances with a
 single trusted provider," said Countrywide's Chairman, President and Chief
 Executive Officer Angelo R. Mozilo.  "Our long-term approach has been to build
 upon our mortgage customer base by expanding into a wider range of financial
 products and services, including insurance and investments."
     "The bank will enhance Countrywide's value proposition to customers and
 further diversify the company's operations," said Countrywide's Chief
 Operating Officer and Executive Managing Director Stanford L. Kurland.  "It
 also enables us to leverage our customer base, asset generation channels,
 technology and other assets, which will strengthen the bank and improve its
 profitability."
     Following all regulatory approvals, Countrywide will be able to increase
 the distribution of products and services to its mortgage customers.  In
 addition to Countrywide's comprehensive mortgage product line, the company
 offers life, property and casualty insurance, credit cards, home equity lines
 of credit, real estate closing services and investments products.  The further
 diversification of Countrywide's product offerings will strengthen customer
 retention and provide enhanced customer relationships.
     Founded in 1969, Countrywide Credit Industries, a member of the Forbes
 500, provides consumer and business-to-business financial services in domestic
 and international markets.  Consumer businesses include mortgages, insurance
 and other financial products.  Business-to-business activities encompass
 capital markets, transaction processing and insurance.  The company is
 headquartered in Calabasas, California and has more than 12,000 employees with
 over 500 offices.
     Principal subsidiaries include Countrywide Home Loans, Inc., which
 originates, purchases, securitizes, sells and services home loans; Full
 Spectrum Lending, Inc., a sub-prime residential lender; the LandSafe
 companies, providers of loan closing services; Countrywide Insurance Services,
 Inc., a full service insurance agency; Countrywide Capital Markets, a
 mortgage-related investment banker; and Balboa Life & Casualty, a national
 provider of property, liability and life insurance.  In addition, Countrywide
 owns 50 percent of Global Home Loans, Ltd. a European mortgage banking joint
 venture.
 
     For more information about the company, visit Countrywide's Web site at
 www.countrywide.com.
 
     Certain of the information included in this press release may contain
 forward-looking statements.  These forward-looking statements are subject to
 certain risks and uncertainties, which could cause actual results to differ
 materially from historical results or those anticipated due to a number of
 factors such as the direction and level of interest rates, competitive and
 general economic conditions in each of our business sectors, expense
 management and other risks detailed in documents filed by the company with the
 Securities and Exchange Commission from time to time.  Words like "believe,"
 "expect," "should," "may," "could," "anticipated" and other expressions which
 indicate future events and trends identify forward-looking statements.  The
 company undertakes no obligation to publicly update or revise any forward-
 looking statements.
 
     Editor's Note:
 
     Mortgages:
     Countrywide Home Loans, Inc., is the primary subsidiary of Countrywide
 Credit Industries, Inc.  It originates, purchases, securitizes, sells and
 services home loans, according to its founding principle of affordable
 homeownership.  Countrywide Home Loans is the largest direct online lender,
 offering loan applications, rich content and strong transaction capability
 through www.countrywide.com and a nationwide branch network.
 
     Founded in 1996, Full Spectrum Lending, Inc., offers a wide range of
 competitively priced, fixed- and adjustable-rate loan products to borrowers
 who have unique financial needs.  Full Spectrum caters to consumers who are
 self-employed or have less-than-perfect credit.  Headquartered in Pasadena,
 California, Full Spectrum Lending has 50 branches across the nation.
 Additional information is available at www.fullspectrumlending.com.
 
     Insurance:
     Based in Simi Valley, California, Countrywide Insurance Services, Inc. is
 an independent, full-service agency that works with top-rated insurance
 carriers.  Countrywide Insurance Services offers consumers a one-stop, trusted
 source for a full range of affordable insurance solutions, including
 homeowners, home warranty protection, automobile, life and annuity insurance
 products.  The company is dedicated to quality customer service and provides
 fast, free, accurate no-obligation quotes online and by telephone. Countrywide
 Insurance Services, Inc., is a principal subsidiary of Countrywide Credit
 Industries, Inc. For more information visit www.cwinsurance.com.
     DirectNet Insurance Agency, Inc., helps business professionals provide
 comprehensive insurance services to their customers.  DirectNet offers
 affordable insurance solutions from a broad range of top-rated insurance
 carriers for homeowners, home warranty and automobile coverage.  As an
 affiliate of Countrywide Insurance Services, Inc., DirectNet is a member of
 the Countrywide Credit Industries family of companies.
    For more than half a century, Balboa Life & Casualty has been offering a
 wide range of insurance programs designed for financial institutions and their
 customers.  Balboa Life & Casualty is licensed in all 50 states and is
 comprised of Balboa Insurance, Meritplan Insurance, Balboa Life Insurance,
 Newport Insurance Companies and Balboa Life of New York.  Each of these
 subsidiaries has earned a prestigious "A" rating, based on performance and
 financial stability, from A.M. Best Company, a leading independent insurance
 analyst.  The company is headquartered in Irvine, California, and has a
 network of sales and service centers throughout the country.
 
     Third Party Originations
     Countrywide's Securities Corporation specializes in trading and
 underwriting of fixed income products, with an emphasis on mortgages and
 mortgage-related products, agency and corporate debt, and certificates of
 deposit.
     Through its nationwide network of locally empowered wholesale branches,
 Countrywide's Wholesale Lending Division provides mortgage professionals with
 unsurpassed service and a wide array conventional, government, expanded
 criteria, home equity and subprime loan products.  The Countrywide Wholesale
 Business Channel, www.cwbc.com, provides access to automated underwriting,
 loan registration and other services.
 
     Closing Services:
     Founded in 1994, LandSafe, Inc., a subsidiary of Countrywide Credit
 Industries, Inc., provides high-value-added real estate closing services
 through its subsidiaries, using technology and automation to reduce costs. The
 services include property appraisals, credit reporting, flood determination,
 home inspections, title insurance and escrow services for residential mortgage
 transactions.  For more information, please call 1-877-LS-CLOSE or visit
 LandSafe on the Web at www.landsafe.com.
 
     Retail Financial Services:
     This division is responsible for Countrywide's initiatives to deliver a
 full array of financial services and "home-centric" products that complement
 Countrywide's mortgage lending and servicing business units.  The
 consolidation of our existing marketing efforts for personal insurance,
 annuities, mutual funds, and credit cards under a single umbrella will allow
 for a consistent and uniform presentation to our customers and leverage the
 common infrastructure that exists today.
 
 SOURCE  Countrywide Credit Industries, Inc.