OTHER NEWS - Sept. 10, 1992

Countrywide’s Profit Soars: Aided by plunging interest rates that have touched off a frenzy of home refinancings, Countrywide Credit Industries Inc., the nation’s largest independent mortgage banker, said its net earnings for the second fiscal quarter ended Aug. 31 skyrocketed to $34.2 million, up 187% compared to the same quarter last year. Total revenue for the Pasadena-based mortgage lender rose 133% to $122.8 million. Countrywide said its financial performance was spurred by record mortgage loan volume.