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Subprime Business off at Countrywide

Subprime Business off at Countrywide

Production falls below $1 billion during February

March 12, 2003

By staff

Subprime fundings continued to soften at Countrywide Financial Corporation, with subprime mortgage production falling below $1 billion.

The Calabasas, California lender reported subprime fundings of $901 million last month, down from $1.1 billion in January and $1.2 billion in December. However, subprime lending was up nearly 60% from a year earlier.

Countrywide said home equity fundings reached $1.1 billion in February, unchanged from the prior month.

The company reported that its conforming production was $31 billion during the month, and its servicing portfolio reached nearly a half billion.

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