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Subprime Business Holds for Countrywide

Subprime Business Holds for Countrywide

Fundings more than double year-ago levels

September 9, 2003

By 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.

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