Mortgage Daily

Published On: January 13, 2004
$4.1 Billion in December Subprime, Home Equity Fundings at Countrywide

Annual production a record $20 billion

January 13, 2004

By MortgageDaily.com staff

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.

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