The strategy of taking market share and growing its securities portfolio is going according to plan.

Over the longer-term, Countrywide is well positioned. There is too much loan production capacity. The servicing portfolio should offset that as originations slow.

There’s a concern that there aren’t enough people at the top to fill in for people leaving. They’re not one of the ones that would come to mind initially when thinking of companies with a...

Al de Molina has a good relationship with the Street and investors, so from a continuity perspective this is a positive.

They are definitely being affected by lower profits on sales of mortgages, and the shape of the yield curve. It’s tough to totally offset these factors.

It’s clearly a tough environment for CFOs to manage, given where the yield curve is, as they are directly responsible for managing balance sheets.

Gain-on-sale margins recovered nicely, and production volumes showed good growth, both year-over-year and over the fourth quarter.