Countrywide Credit Changes Its Name
Mortgage lender Countrywide Credit Industries Inc. has changed its name to Countrywide Financial Corp. to reflect its expansion into banking, insurance and other financial businesses.
The Calabasas-based company, whose shares are traded on the NYSE, also will officially change the trading symbol of its stock to CFC from CCR on Wednesday.
Countrywide, which made $184 billion in home loans during the first 10 months of this year, is one of the nation’s largest mortgage lenders but has diversified into other financial services over the years.
Its banking, insurance, securities and loan servicing operations accounted for 30% of net income during the first three quarters of 2002, according to the company.
Countrywide shares fell 31 cents to $50.55.
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