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Subprime Fundings Edge Down at Countrywide

Subprime Fundings Edge Down at Countrywide

$2 billion November production

December 8, 2003

By staff

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.

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