The primary activities of the Global Operations segment was Global Home Loans: a UK third party administrator (TPA) formed out of a joint venture between Countrywide and Woolwich plc in 1998. Activities included Loan Processing and Subservicing, providing mortgage loan application processing and mortgage loan subservicing in the United Kingdom.Following the acquisition of Woolwich by Barclays plc, this relationship developed further, with GHL acquiring the Barclays mortgage portfolio, through a transfer of ownership of the Barclays mortgage operation in Leeds to GHL in 2003.
By 2005, GHL operation processed more than 11.3 billion pounds sterling ($20.3 billion) in loans, all of which are subserviced for Barclays, PLC, the joint venture partner. As of December 31, 2005, Global's su
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