11/08/2002
Contact Investor Relations: 818-225-3550

Countrywide Surpasses Previous Production Record by 37 Percent,
Loan Fundings Top $34 Billion Mark in October;

Servicing Portfolio Now Stands at $422 Billion,
As Loan Fundings Exceed Prepayments by a Record $16 Billion

CALABASAS, Calif., Nov. 8 /PRNewswire-FirstCall/ -- Countrywide Credit
Industries, Inc. (NYSE: CCR), a diversified financial services provider,
released operational data for the month ended October 31, 2002.

"October's exceptional operational results once again validate the success
of our macro-hedge business model," said Stanford L. Kurland, chief operating
officer. "Our flexible infrastructure and superior technology have enabled us
to meet the rigorous production demands associated with the sustained low
interest rate environment. Average daily loan applications were $2.0 billion
in October, up 72 percent over last year. Pipeline and funding volumes once
again set new records. The mortgage loan pipeline reached a new milestone of
$52 billion, an increase of 86 percent over last year. October fundings
surpassed all previous Company records reaching $34.7 billion, exceeding last
month's funding high of $25.3 billion by an impressive 37 percent. Given our
pipeline activity and the Federal Reserve's recent decision to cut interest
rates by 50 basis points, we expect continued robust funding levels in the
near term. All three production divisions -- retail, broker and correspondent
-- contributed materially to October's operational achievements funding $8.3,
$8.2 and $18.0 billion, respectively. Our diversified businesses also
delivered impressive operational performance in October.

"Further evidence of our successful macro-hedge business model is
illustrated in the uninterrupted growth of our servicing portfolio, which hit
a record $422 billion in October. Driven by outstanding production
performance, total loan fundings exceeded prepayments by a record $16 billion
in October, against the backdrop of one of the most challenging prepayment
environments in our history.

"Countrywide continues to capitalize on opportunities within the growing
purchase mortgage business which is less sensitive to interest rate
movements," Kurland added. "October's purchase fundings reached a record $9.4
billion, a 13 percent increase over the prior record set in August, and a gain
of 84 percent over last year. Our success in the purchase area, in part,
reflects newly implemented initiatives designed to target this relatively
stable component of mortgage originations and establish a solid foundation for
future production performance.

"Countrywide's diversified businesses delivered another month of strong
performance," Kurland continued. "Securities trading volume of $234 billion
at Countrywide Securities Corporation, our securities broker-dealer, marked a
new high and was up 80 percent over the prior year," said Kurland. "Banking
continues to meet growth expectations with Countrywide Bank total assets
reaching $5.0 billion at October 31, up 11 percent from the $4.5 billion
achieved last month. Global Home Loans, our European mortgage processing
joint venture, sub-services over $60 billion for nearly 800,000 borrowers in
the United Kingdom.

"Our Insurance Group delivered strong performance in October," said Kurland.
" Insurance policies-in-force at Balboa Life and Casualty were 2,999,850 in
October, up 28 percent over last year. Policies-in-force at Countrywide
Insurance Services rose 19 percent over the prior year, hitting 663,485.
Balboa Reinsurance policies-in-force now stand at 401,367, an increase of 25
percent over October 2001.

"Countrywide's extraordinary October performance clearly reflects the
effectiveness of our business model and our ability to capitalize on the
opportunities presented by this extraordinary interest rate environment,"
Kurland concluded. "While our mortgage banking business continues to set new
records, buoyed by historically low interest rates and our strategically
designed macro-hedge strategy, we are equally optimistic about the results
achieved in our diversified businesses. We believe that the successes
achieved in October within our core and diversified businesses demonstrate the
fundamental soundness of our business model and our ability to leverage the
synergies across our business lines for the benefit of our shareholders."

Founded in 1969, Countrywide Credit Industries, Inc. is a member of the S&P
500, Forbes 500 and Fortune 500. The Company provides mortgage banking and
diversified financial services in domestic and international markets. Mortgage
banking businesses include loan production and servicing principally through
Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells,
and services primarily prime-quality loans. Also included in Countrywide's
mortgage banking segment is the LandSafe group of companies that provide loan
closing services. Diversified financial services encompass insurance, capital
markets, banking, and global, largely through the activities of Balboa Life
and Casualty Group, whose companies are national providers of property,
liability, and life insurance; Balboa Reinsurance, a captive mortgage
reinsurance company; Countrywide Capital Markets, a mortgage-related
investment banker; Treasury Bank, National Association, a banking entity
offering customers CDs, money market accounts, and home loan products; and
Global Home Loans, a European mortgage banking joint venture in which
Countrywide holds a majority interest.

For more information about the Company, visit Countrywide's website at
www.countrywide.com.

This Press Release may contain forward-looking statements. These
discussions include 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 future
operations. 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: loss of
investment grade rating; severe real estate recession; significant reduction
in government support of homeownership; loss of access to debt and equity
markets; the level of, and direction of changes in interest rates; competitive
and general economic conditions in each of our business segments; general
economic conditions in the United States and abroad and in the domestic and
international areas in which we do business; the availability of secondary
markets for the Company's mortgage loan products; ineffectiveness of our
hedging activities; the legal, regulatory and legislative environments in the
markets in which the Company operates; performance of the Company's
securities, financial instruments and markets as a whole in response to world
events; loss in the value of unhedged assets; other risks detailed in
documents filed by Countrywide with the Securities and Exchange Commission
from time to time.

Words like "believe," "expect," "should," "may," "could," "anticipated,"
" promising," and other expressions that indicate future events and trends
identify forward-looking statements. The Company undertakes no obligation to
publicly update or revise any forward-looking statements.

For further information please contact Jennifer Sandefur, or Lisa Riordan,
both of Countrywide Credit Industries, Inc., +1-818-225-3550.

COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
OPERATING STATISTICS (1)
(Dollars in Millions)
October October Year-to-
2002 2001 Date
MORTGAGE BANKING
Production
Average Daily Loan Applications $1,962 $1,144 $1,279
Total Mortgage Loan Pipeline
(loans in process) $51,816 $27,918
Consumer Markets Divisions'
Fundings $8,294 $4,768 $49,871
Wholesale Lending Division
Fundings $8,175 $4,811 $51,291
Correspondent Lending Division
Fundings $18,045 $5,258 $82,841
Treasury Bank Fundings (2) $146 --- $455
Total Loan Fundings $34,660 $14,837 $184,458
Purchase Fundings (3) $9,388 $5,093 $69,933
Non-purchase Fundings (3) $25,272 $9,744 $114,525
Total e-Commerce Fundings (4) $13,923 $7,143 $80,663
Home Equity Fundings $1,121 $649 $9,418
Sub-prime Fundings $1,002 $575 $7,220
Loan Closing Services (units)
Credit Reports 514,394 363,946 3,796,488
Flood Determinations 239,127 122,597 1,391,413
Appraisals 60,342 39,354 379,980
Automated Property Valuation
Services 299,224 195,558 1,869,809
Other 13,402 11,819 95,206
Total Units 1,126,489 733,274 7,532,896
Servicing (5)
Volume $421,720 $324,470
Units 3,795,952 3,158,409
Prepayments in Full $18,281 $8,746 $94,842
Bulk Servicing Acquisitions $293 $352 $3,378
Portfolio Delinquency (%) - CHL (6) 4.42% 4.88%
Foreclosures Pending (%) - CHL (6) 0.56% 0.64%

INSURANCE
Policies-in-Force (units)
Carrier 2,999,850 2,336,497
Agency 663,485 556,624
Reinsurance 401,367 321,358

CAPITAL MARKETS
Securities Trading Volume $233,930 $129,980 $1,618,078

BANKING
Assets held by Treasury Bank $4,999 $848
Working Days 23 23
(1) The above data reflect 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) Treasury Bank funds loans for investment purposes; these loans are
processed for Treasury Bank by the production divisions.
(3) We have enhanced our disclosure of the first trust deed and home
equity loan funding mix to reflect purchase and non-purchase
fundings. 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.
(4) Includes loans originated through the Internet and telemarketing in
the Consumer Markets Division, Full Spectrum Lending, Inc. and the
Wholesale Lending Division and loans purchased through the Internet
by the Correspondent Lending Division.
(5) Includes warehouse loans and loans under subservicing agreements for
other clients.
(6) Expressed as a percentage of the total number of loans serviced,
excluding subserviced loans and portfolios purchased at a discount
due to their non-performing status.

/CONTACT: Jennifer Sandefur, or Lisa Riordan, both of Countrywide Credit Industries, Inc., +1-818-225-3550/ 08:31 EST