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COUNTRYWIDE MORTGAGE INVESTMENTS INC. ANNOUNCES THIRD QUARTER EARNINGS; DECLARES CASH DIVIDEND

 COUNTRYWIDE MORTGAGE INVESTMENTS INC.
 ANNOUNCES THIRD QUARTER EARNINGS; DECLARES CASH DIVIDEND
 PASADENA, Calif., Oct. 23 /PRNewswire/ -- Countywide Mortgage Investments Inc. (NYSE: CWM) today announced unaudited net earnings of $1,681,000, or $0.12 per share, for the third quarter ended Sept. 30, 1992. This represents a 36 percent decrease from the comparable year-ago quarter when net earnings were $2,643,000, or $0.19 per share.
 In addition, the company's board of directors declared a cash dividend of $0.12 per share for the quarter, payable Nov. 23, 1992, to shareholders of record on Nov. 4, 1992.
 For the first nine months of 1992, Countrywide Mortgage reported net earnings of $4,589,000, or $0.33 per share, based on 13,978,267 weighted average shares outstanding, compared to net earnings for the first nine months of 1991 of $8,453,000, or $0.61 per share, based on 13,906,785 weighted average shares outstanding.
 "The company continues to be impacted by high levels of prepayment activity caused by home owners refinancing," said David S. Loeb, chairman. "The company was able to mitigate this negative impact by selling at a gain a portion of its mortgage assets financed with short-term debt and long-term debt in the form of CMO bonds."
 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 Mortgage Investments Inc.is publicly traded on the New York Stock Exchange under the symbol "CWM."
 COUNTRYWIDE MORTGAGE INVESTMENTS INC.
 Financial Highlights
 Third Quarter Ended
 Sept. 30,
 1992 1991
 Net interest (expense)
 income from mortgage
 portfolio financed
 with CMOs ($5,311,000) $490,000
 Net interest income from
 mortgage portfolio
 financed with
 short-term debt $2,735,000 $2,937,000
 Gain on sale of
 mortgage-backed
 securities $4,858,000 ---
 Expenses $601,000 $785,000
 Net earnings $1,681,000 $2,643,000
 Earnings per share $0.12 $0.19
 Dividend per share $0.12 $0.19
 Weighted average number
 of shares outstanding 13,978,918 13,974,885
 Quarter Ended
 Sept. 30, June 30,
 1992 1992
 Net interest (expense)
 income from mortgage
 portfolio financed
 with CMOs ($5,311,000) ($5,166,000)
 Net interest income from
 mortgage portfolio
 financed with
 short-term debt $2,735,000 $3,487,000
 Gain on sale of
 mortgage-backed
 securities $4,858,000 $3,953,000
 Expenses $601,000 $621,000
 Net earnings $1,681,000 $1,653,000
 Earnings per share $0.12 $0.12
 Dividend per share $0.12 $0.12
 Weighted average number
 of shares outstanding 13,978,918 13,978,250
 Nine Months Ended
 Sept. 30,
 1992 1991
 Net interest (expense)
 income from mortgage
 portfolio financed
 with CMOs ($12,775,000) $2,506,000
 Net interest income from
 mortgage portfolio
 financed with
 short-term debt $9,327,000 $8,355,000
 Gain on sale of
 mortgage-backed
 securities $9,911,000 ---
 Expenses $1,874,000 $2,408,000
 Net earnings $4,589,000 $8,453,000
 Earnings per share $0.33 $0.61
 Dividend per share $0.36 $0.61
 Weighted average number
 of shares outstanding 13,978,267 13,906,785
 -0- 10/23/92
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide/
 (CWM) CO: Countrywide Mortgage Investments Inc. ST: California IN: FIN SU: ERN


JL-JB -- LA013 -- 3979 10/23/92 08:01 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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