As conventional mortgage business drops off for one of the nation's biggest mortgage originators, its subprime production holds steady.
Countrywide Financial Corporation reported August subprime fundings of $1.65 billion, down just slightly from $1.73 billion in July. A year ago, subprime fundings were reported at only $0.71 billion.
The slight month-to-month decrease in subprime production is in stark contrast to the more than 20% decline reported in its overall production -- which includes conventional mortgages.
Countrywide said home equity fundings were $1.77 billion in August, up slightly from $1.7 billion in July.