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Countrywide Moving MSRs to Bank Unit.
Calabasas, CA -- Countrywide Financial Corp. here is planning to transfer 70% of its mortgage servicing rights into its $92.8 billion federal savings bank by 2011.
It is part of a plan to more closely "integrate" Countrywide Home Loans (its mortgage banking company) with Countrywide Bank FSB, according to CFC chief financial officer Eric Sieracki. CHL has MSRs on $1.3 trillion of home loans as of Dec. 31, according to CFC's 2006 annual report.
The main objective of the integration is to stabilize the company's earnings, Mr. Sieracki told a Morgan Stanley conference, through the growth of the bank's mortgage investment portfolio.
Another objective is to reduce CFC's "dependence on unsecured public debt," the CFC executive managing director said, by relying more on Federal Home Loan Bank borrowings and deposits for financing.
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