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COUNTRYWIDE MORTGAGE INVESTMENTS INC. ANNOUNCES FIRST QUARTER EARNINGS, DECLARES CASH DIVIDEND

 PASADENA, Calif., April 22 /PRNewswire/ -- Countrywide Mortgage Investments Inc. (NYSE: CWM) today announced unaudited earnings of $118,000, or $0.01 per share, for the first quarter ended March 31, 1993. Earnings per share for the comparable quarter last year were $1,255,000, or $0.09 per share. For the quarter ended Dec. 31, 1992, earnings per share were $0.03.
 The company's board of directors declared a cash dividend of $0.12 per share for the quarter, payable May 18, 1993, to shareholders of record on May 3, 1993. The company paid a cash dividend of $0.12 per share for the comparable quarter in 1992.
 During the quarter ended March 31, 1993, mortgage interest rates remained at historically low levels and mortgage refinancings continued to result in substantial prepayments of the company's existing portfolio of fixed-rate investments financed with collateralized mortgage obligations (CMOs). In addition, net interest income from the company's investment in adjustable-rate mortgage-backed securities declined significantly as the company recently sold its entire portfolio. The net proceeds from the sales are in the process of being invested in a new business plan that commenced during the quarter. Accordingly, net interest income and net earnings declined substantially during the quarter compared to the corresponding quarter in 1992.
 Under the company's new business strategy, the company operates a mortgage loan conduit which purchases jumbo and other non-conforming mortgages from lenders who generally retain the mortgage loan servicing rights. The conduit credit-enhances and sells the loans in the form of multiclass mortgage-backed securities, or alternatively, invests in the loans on a long-term basis using financing provided by CMOs. During the first quarter of 1993, the company purchased approximately $247 million in loans under the new conduit program. This investment in loans is financed with $244.1 million in "AAA"-rated CMOs that were issued in two separate transactions. In addition, since the commencement of the new plan, the company has issued master commitments to purchase loans from various sellers aggregating approximately $1.2 billion over the next 12 months.
 "Net interest income from the company's existing portfolio of investments financed with CMOs continues to be negatively impacted by historically low levels of mortgage interest rates," said Michael Perry, senior vice president and chief operating officer. "At the same time, these low interest rates have afforded the company with an attractive environment to purchase jumbo mortgage loans under its new business plan. As the company implements the plan, the existing portfolio should have less of an impact on future earnings."
 Countrywide Mortgage Investments Inc., a real estate investment trust, invests in single-family, first-lien residential mortgages, mortgage securities and other related investments.
 COUNTRYWIDE MORTGAGE INVESTMENTS INC.
 Financial Highlights
 (Unaudited)
 First quarter ended
 March 31,
 1993 1992
 Net earnings $118,000 $1,255,000
 Earnings per share $0.01 $0.09
 Dividend per share(A) $0.12 $0.12
 Weighted average number
 of shares outstanding 13,980,792 13,977,632
 Quarter ended
 March 31, Dec. 31,
 1993 1992
 Net earnings $118,000 $398,000
 Earnings per share $0.01 $0.03
 Dividend per share(A) $0.12 $0.12
 Weighted average number
 of shares outstanding 13,980,792 13,979,376
 (A) Declared for earnings of the period.
 -0- 4/22/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Catherine Zimring, 818-666-3843, both of Countrywide Mortgage Investments/
 (CWM)


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

JL-BP -- LA015 -- 9165 04/22/93 08:11 EDT
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Date:Apr 22, 1993
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