Quick Look At Texas Enterprise Fund Companies

The Associated Press

Two major financial firms that received Texas Enterprise Fund grants did not meet their yearly job creation targets for 2008. Here is a look at those companies, Countrywide Financial Corp. and Washington Mutual:

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COUNTRYWIDE FINANCIAL CORP.

The California-based mortgage giant Countrywide received $20 million from the Texas Enterprise Fund under an agreement reached in 2004. Countrywide since has been bought by Charlotte, N.C.-based Bank of America.

Countrywide is supposed to add a total of 7,500 new jobs in the state by the end of 2010. Last year, the company fell more than 1,600 jobs short of its yearly job target. Countrywide was to create 5,500 new jobs by the end of 2008, but created only 3,876.

Gov. Rick Perry's office said the company remains in compliance with its long-term agreement because it has "surplus credits" to offset the annual shortage. Credits are accumulated when the company exceeds its job target in previous years. Countrywide may have to pay back $854 per job if it doesn't create enough during its contract.