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COUNTRYWIDE MORTGAGE INVESTMENTS INC. REPORTS CASH DIVIDEND

 COUNTRYWIDE MORTGAGE INVESTMENTS INC. REPORTS CASH DIVIDEND
 PASADENA, Calif., Feb. 5 /PRNewswire/ -- Countrywide Mortgage Investments Inc. (NYSE: CWM) today announced unaudited net earnings of $2,414,000, or $0.17 per share, based on 13,976,375 weighted average shares outstanding, for the fourth quarter ended Dec. 31, 1991.
 In addition, the company's board of directors declared a cash dividend of $0.17 per share for the quarter, payable on Feb. 28, 1992, to shareholders of record on Feb. 19, 1992.
 The comparable year-ago quarter produced net earnings of $2,511,000 or $0.18 per share, based on 13,645,000 shares outstanding.
 "The company's earnings in the fourth quarter were impacted by increased prepayment activity stimulated by lower mortgage interest rates and higher refinance activity," said David S. Loeb, chairman of Countrywide Mortgage. "Higher prepayments reduced the net yields of the company's mortgage investment portfolio financed by collateralized mortgage obligations. In addition, the company realized reduced net interest spreads on its portfolio of fixed-rate mortgage securities financed with short-term debt as a result of the disposition of this portfolio. This reduction in spreads was more than offset by a gain realized upon the sale of this portfolio which amounted to $735,000. The company also realized reduced net interest spreads on its portfolio of adjustable-rate mortgage securities due to declining interest rates which resulted in lower adjustable-rate mortgage security interest rates. The lower interest rates on this portfolio were partially offset by lower interest rates on the obligations used to finance these adjustable-rate mortgage securities."
 For 1991, unaudited net earnings were $10,867,000, or $0.78 per share based on 13,924,326 weighted average shares outstanding. This represents a 14 percent year-to-year increase vs. 1990, when net earnings totaled $9,513,000, or $0.70 per share based on 13,645,000 weighted average shares outstanding.
 The following table shows the earnings and dividends paid for the year 1991:
 I II III IV 1991
 Net earnings (x1000) $2,941 $2,869 $2,643 $2,414 $10,867
 Net earnings per share (a) $0.21 $0.21 $0.19 $0.17 $0.78
 Cash dividend $0.21 $0.21 $0.19 $0.17 $0.78
 (a) Earnings per share are computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. All figures are unaudited.
 Countrywide Mortgage Investments Inc., a real estate investment trust, invests in fixed and adjustable-rate, single-family, first- lien residential mortgages, mortgage-backed securities and other related investments. Countrywide Credit Industries (NYSE: CCR), through its subsidiaries, Countrywide Asset Management Corp. and Countrywide Funding Corp., provides Countrywide Mortgage with management and administrative services.
 COUNTRYWIDE MORTGAGE INVESTMENTS INC.
 Financial Highlights
 Fourth Quarter Ended
 Dec. 31,
 1991 (a) 1990 (a)
 Net interest income $2,378,000 $3,221,000
 Gain on sale of
 mortgage-backed
 securities $735,000 ---
 Expenses $699,000 $710,000
 Net earnings $2,414,000 $2,511,000
 Earnings per share $0.17 $0.18
 Dividend per share $0.17 $0.18
 Weighted average number
 of shares outstanding 13,976,375 13,645,000
 Quarter Ended
 Dec. 31, Sept. 30,
 1991 (a) 1991 (a)
 Net interest income $2,378,000 $3,428,000
 Gain on sale of
 mortgage-backed
 securities $735,000 ---
 Expenses $699,000 $785,000
 Net earnings $2,414,000 $2,643,000
 Earnings per share $0.17 $0.19
 Dividend per share $0.17 $0.19
 Weighted average number
 of shares outstanding 13,976,375 13,974,885
 Year Ended
 Dec. 31,
 1991 (a) 1990
 Net interest income $13,239,000 $12,502,000
 Gain on sale of
 mortgage-backed
 securities $735,000 ---
 Expenses $3,107,000 $2,989,000
 Net earnings $10,867,000 $9,513,000
 Earnings per share (b) $0.78 $0.70
 Dividend per share $0.78 $0.69
 Weighted average number
 of shares outstanding 13,924,326 13,645,000
 (a) Unaudited
 (b) Earnings per share are computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year.
 -0- 2/5/92
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide/
 (CWM CCR) CO: Countrywide Mortgage Investments Inc.; Countrywide Credit
 Industries Inc. ST: California IN: SU: ERN


EH-JL -- LA006 -- 6999 02/05/92 08:04 EST
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