|Subprime Business Holds for Countrywide
Fundings more than double year-ago levels
September 9, 2003
By MortgageDaily.com staff
|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.
So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...