Industry News

Countrywide’s real estate loan fundings sink

Demand for adjustable-rate mortgages jumps

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Countrywide Financial Corp. today reported loan fundings of $30 billion for July, a decline of 7 percent from the previous month. July's funding total was a 43 percent decline from July 2003, which was the single largest funding month in the company's history. Year-to-date funding volume reached $206 billion. Monthly purchase activity rose slightly over last month's record high, reaching $18 billion. Year-over-year, monthly purchase fundings rose 31 percent. Year-to-date purchase volume was $95 billion. "July marked another month of solid operational performance for Countrywide," said Stanford L. Kurland, president and chief operating officer. The company also reported that demand for adjustable-rate, home equity and subprime loans remained strong: Adjustable-rate fundings of $17 billion were 98 percent greater than the same month last year and accounted for 57 percent of total loan volume. This brought year-to-date adjustable-rate volume to $99 billion, surpassing the $92 billi...