Declaration of Frank C. Torchio for Settlement Purposes

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Date Price Return Case 2:07-cv-05295-MRP -MAN Document 987-4 Filed 10/11/10 Page 693 of 721 Page ID #:39881 Appendix A Selected Excerpts from Publicly‐Available Documents Containing Relevant Information Regarding Countrywide During the Class Period Excess Return t‐stat. Source Excerpt 11/9/2007 13.83 2.67% ‐0.85% ‐0.39 10‐Q As discussed under the sectionLiquidity and Capital Resources, during the quarter ended September 30, 2007, we were affected by illiquidity in both the secondary mortgage market and in the debt markets that we have historically relied upon to meet our short‐term financing needs. We regularly plan for contingencies that include disruptions in the marketplace and we place major emphasis on the adequacy, reliability and diversity of our funding sources. However, the dislocations in the secondary and debt markets that occurred during the quarter ended September 30, 2007, were historically unusual, requiring us to take significant additional steps to maintain our access to financing during the period of disruption. During the quarter ended September 30, 2007, each of the three major credit rating agencies downgraded our credit ratings. Notwithstanding the downgrades, we maintain "investment grade" credit ratings, with long‐term ratings of A‐, Baa3 and BBB+ by Standard & Poor's, Moody's Investors Service and Fitch, respectively. Subsequent to September 30, 2007 Standard & Poor's further downgraded our long‐term rating to BBB+. At September 30, 2007, the Bank exceeded the OTS regulatory capital requirements to be classified as "well capitalized," with a Tier 1 capital ratio of 7.3% and a total risk‐based ratio of 13.5%.... Our primary sources of debt have been deposits taken by our Bank, FHLB advances, repurchase agreements, and the public corporate debt markets. We also rely on the secondary mortgage market to purchase most of the mortgage loans we originate. During the quarter ended September 30, 2007, the non‐agency segments of the secondary mortgage market were severely restricted by illiquidity driven by widening credit spreads. As a result, the commercial paper and repurchase agreement segments of the public corporate debt markets for mortgage companies and other financial institutions were severely restricted.The illiquidity in the secondary market for non‐conforming loan originations that comprised 48% our loan production during the first six months of 2007 removed the expected outlet for these loans in the Mortgage Banking segment of our mortgage banking operations' loans. This caused illiquidity in the commercial paper and repurchase agreement markets that made short‐term debt that we normally relied upon to finance substantial portions of our mortgage loan inventory unavailable or prohibitively expensive. The sudden development and convergence of these factors during the third quarter challenged our ability to finance our loan origination operations without incurring significant daily refinancing risk. Forensic Economics, Inc Page 205 of 233
Date Price Return Case 2:07-cv-05295-MRP -MAN Document 987-4 Filed 10/11/10 Page 694 of 721 Page ID #:39882 Appendix A Selected Excerpts from Publicly‐Available Documents Containing Relevant Information Regarding Countrywide During the Class Period Excess Return t‐stat. Source Excerpt 11/9/2007 13.83 2.67% ‐0.85% ‐0.39 10‐Q In response to market conditions and constrained liquidity, Countrywide's debt ratings were downgraded by the major credit agencies. In response, we modified our funding structure by reducing our reliance on the public debt and non‐agency secondary mortgage arkets. Specifically we took the following actions: •we accelerated the integration of our mortgage banking activities into our bank subsidiary which has more stable funding and more access to highly reliable sources of funds which are less dependent on the capital markets during periods of market stress; • we significantly changed our underwriting standards, focusing the bulk of our current loan production on loans that are available for direct sale to or securitization into programs sponsored by the government‐sponsored agencies (Fannie Mae, Freddie Mac and Ginnie Mae); • we procured other sources of financing, including: • drawing the full $11.5 billion amount of our committed revolving credit facilities established to provide liquidity in the event of a disruption in the commercial paper market; • making a private issuance of $2.0 billion of 7.25% convertible cumulative preferred stock; • negotiating $7.5 billion of committed repurchase facilities, which included renewals of $2.5 billion of existing uncommitted repurchase facilities; • negotiating an increase of $5.5 billion of an uncommitted but highly reliable repurchase facilities with a government‐sponsored enterprise; and • implementing an aggressive campaign to attract and retain bank deposits, including significant expansion of our network of financial centers. As previously discussed, the public debt markets are no longer a practical source of short‐term inventory financing owing to the current illiquidity in that market, our current short‐term credit ratings and our recent operational liquidity challenges. While we have procured other, more stable sources of funding, future access to the public corporate debt markets remains an important potential source of financing to us when market conditions permit.... Forensic Economics, Inc Page 206 of 233
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Declaration of Frank C. Torchio for Settlement Purposes

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