The subprime division of a Calabasas, Calif.-based lender announced milestone production.
Countrywide Financial Corp. said December subprime fundings reached $2.3 billion, which represents an increase from the prior month's total of $2.0 billion and from last December's total of $1.2 billion.
Countrywide said that 2003 subprime production created a new annual milestone at $20 billion, which far exceeded the previous year's record of $9.4 billion.
Home equity fundings were reported at $1.8 billion for the month, up from November's $1.6 billion. For the year, home equity fundings were $18 billion -- up 55% from 2002.
The company also announced that overall production increased 13% from the previous month and aided in the new full-year record total of $435 billion.