Mortgage news

News, trends and analysis of the mortgage and credit market

Thursday, September 13, 2007

Countrywide loan biz hits big slowdown




September 13 2007 Money.CNN.com
Countrywide Financial Corp. said Thursday it lent less money during August as a protracted housing slump kept prospective home buyers out of the market. The nation's biggest mortgage lender issued $34 billion in home loans last month, a 17 percent decline from the same period in 2006. The company processed $2.3 billion in loan applications a day, marking a decline of 12 percent. Countrywide said the decline reflects current conditions in the mortgage industry, which include slipping home values and decaying credit quality. Loans in the pipeline at the end of August shrank to $52 billion from $64 billion at the end of August 2006.

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