Mortgage Loans Lender Continues to Suffer

Fri, 23 Nov 2007

October proved to be a bad month for Countrywide Financial, as its percentage of delinquent loans increased, whilst its level of home loan production decreased from the same time last year. Last month, Countrywide Financial managed to generate just under $22 billion in mortgage loan fundings, a 48% decrease on the $42 billion of the year before.

Most heavily affected has been the company’s subprime category, as its subprime mortgage fundings were down from $42 million, having stood at $3.25 billion just a year ago, representing a decrease of 99 per cent. The company’s adjustable rate mortgages also suffered, with an 80 per cent fall as the fundings generated amounted to $3.09 billion. Furthermore, the home equity category suffered by nearly 70 per cent, as the fundings generated fell from $4.29 billion to $1.35 billion. Overall, the total amount of new home loans in the month was 117,430, down from 230,196 in the previous October.

However, it’s not all bad for Countrywide. Total fundings rose by 4 per cent in the last month, whilst the company’s mortgage portfolio is currently worth $1.47 trillion, a 16 per cent increase on the previous year.
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