COUNTRYWIDE GOES GLOBAL; HOME LENDER EXPECTED TO ANNOUNCE JOINT VENTURE WITH U.K. FIRM.Byline: Enrique Rivero Daily News Staff Writer Countrywide Credit Industries Inc., the nation's largest independent home mortgage loan provider, will announce today a joint venture with a British company to provide service throughout continental Europe Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. , the Daily News has learned. The move into the European market is further evidence of the company's efforts to expand beyond its core mortgage business into new products and services. The joint venture with London-based Woolwich PLC will be the first international foray for Countrywide. Countrywide, which is based in Calabasas but has major operations in Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. and Pasadena as well, employs approximately 8,000 people. Countrywide generated $1.5 billion in revenue during its more recent fiscal year. Woolwich is one of the United Kingdom's leading providers of personal financial services and products. It has 400 branches in England, Scotland, Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. , Northern Ireland, France and Italy and more than 7,000 employees. Under the joint venture expected to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. early today, Countrywide will provide fee-based services for Woolwich. Also, the joint venture will market its services to other lenders throughout the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community , according to sources. Countrywide will contribute systems and expertise to the joint venture. Countrywide and Woolwich are each expected to own half the joint venture. The European pact is the latest example of Countrywide's aggressive expansion. Last year, for example, the company embarked on a high-profile, aggressive campaign to offer a full range of insurance coverages - homeowners, life, disability and auto - even to consumers who aren't Countrywide mortgage holders. The company isn't underwriting the policies, but is an agent for major insurers including Aetna, Safeco and American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc., the nation's largest publicly traded insurer. AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group is the majority owner of Woodland Hills-based 20th Century Insurance Co., one of the West's largest auto and home insurers. The insurance initiative was the company's first major effort at reaching non-Countrywide loan customers, company officials said in November. |
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