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COUNTRYWIDE MORTGAGE INVESTMENTS INC. FILES PRELIMINARY PROXY STATEMENT

 PASADENA, Calif., Nov. 4 /PRNewswire/ -- Countrywide Mortgage Investments Inc. (NYSE: CWM) announced today that it filed a preliminary proxy statement with the Securities and Exchange Commission for a special meeting of shareholders to be held to obtain approval for an increase in the number of authorized shares of common stock of the company. The company is seeking to increase the number of its authorized shares of common stock at this time because it anticipates filing a registration statement for the public offering of approximately 7 million shares of its common stock in the near future, the proceeds of which will be used to finance the further development of the company's mortgage conduit operations and other aspects of its new business plan. The offering will be made only by means of a prospectus to be filed as part of the registration statement.
 Countrywide Mortgage Investments Inc. is a real estate investment trust that operates a nationwide mortgage conduit and warehouse lending program. The conduit purchases jumbo and other non-conforming mortgages from mortgage bankers, banks, savings and loans, and other financial intermediaries who generally retain the mortgage loan servicing rights. The company then credit-enhances and sells the loans in the form of multiclass mortgage-backed securities (REMICs) or, alternatively, invests in the loans on a long-term basis using financing provided by CMOs. In addition, Countrywide has a warehouse lending program for small- and medium-size mortgage bankers. This program provides short- term revolving financing to mortgage originators to finance mortgage loans during the period beginning with the closing of the loan until it is sold to an investor.
 -0- 11/4/93
 /CONTACT: Karel Carnohan of Countrywide, 818-304-7523/
 (CWM)


CO: Countrywide Mortgage Investments Inc. ST: California IN: FIN SU:

JL-LS -- LA008 -- 0489 11/04/93 08:00 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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