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Tuesday, November 13, 2007

Countrywide Mortgage Loans Dropped by 48%

November 13 2007

Countrywide Financial, the largest U.S. mortgage lender, said it funded 48 percent fewer home loans in October than a year earlier, and significantly reduced some of the riskier loans that prompted its recent financial troubles. Countrywide said it funded $22 billion of home loans in October, down from $41.9 billion a year earlier, but up 4 percent from September. Adjustable-rate loan volume fell 81 percent from a year earlier to $3.1 billion, while subprime loan volume totaled just $42 million, down from $3.3 billion.

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