Subprime loan production nudged down at Countrywide Financial Corporation.
The Calabasas, Calif.-based lender reported that it funded $2.0 billion in subprime loans during November, down slightly from October's volume of $2.4 billion. A year ago, the total stood at $1.0 billion.
The slight month-to-month decrease in Countrywide's subprime volume sharply contrasted the 24% decline reported in its overall production, which includes conventional mortgages.
Countrywide said November home equity fundings totaled $1.6 billion, while in October they totaled $1.8 billion.