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COUNTRYWIDE CREDIT ACQUIRES TEXAS OFFICE FACILITY

 PASADENA, Calif., July 27 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest residential mortgage banker, announced it has purchased a 253,000-gross-square-foot office building situated on 18 acres in Plano, Texas, from Franklin Life of Springfield, Ill., a wholly owned subsidiary of American Brands Inc. The company closed escrow on the facility on Monday, July 26, 1993, and expects to begin occupying the facility in August. The purchase price of the building was $19.25 million.
 "The acquisition of the Plano facility represents an important step in Countrywide's long-term growth plans," stated Stanford L. Kurland, chief operating officer and senior managing director. "In tandem with our Simi Valley, Calif., facility, this new Plano facility will provide needed low-cost office space for future growth and important diversification of our loan servicing and data processing operations. In addition, Texas provides an excellent business environment for Countrywide with its stable and growing workforce and its favorable corporate tax structure."
 Countrywide is the nation's leading residential mortgage lender and loan servicer. In calendar 1992, the company originated $30.5 billion of single-family residential loans and originated more than $21 billion in the first half of 1993. As of June 30, 1993, the company's loan servicing portfolio stood at $66.5 billion and 550,000 loans.
 Countrywide stated that the new Plano facility, located just north of Dallas, will house a portion of its loan servicing, loan production and data processing operations. The company plans to transfer a limited number of employees to Plano and will begin to hire in the local area immediately. The facility has space for up to 1,000 employees and is the company's first major expansion of its loan servicing and data processing operations outside of California. In addition, this facility provides Countrywide with a critical business recovery site. Countrywide has existing loan production offices throughout the state of Texas.
 "Countrywide has a national servicing portfolio and lending operations throughout the United States," said Thomas H. Boone, managing director of loan administration. "By expanding our loan servicing operations to Texas, we will be able to serve our customers in the eastern and central regions of the United States more effectively. We look forward to becoming part of the Plano business community."
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells and services loans for single-family homes.
 -0- 7/27/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR)


CO: Countrywide Credit Industries Inc.; Franklin Life ST: California, Texas IN: FIN SU: TNM

JL-MF -- LA020 -- 6031 07/27/93 08:03 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
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