Countrywide July volume rises |
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Tue, 14 Aug 2007 13:53
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CALABASAS, Calif. (AP) - Mortgage lender Countrywide Financial Corp. said Tuesday the dollar amount of mortgages it funded rose 6 percent in July, even as actual lending volume fell 14 percent due to tighter standards.Funding volume was $39.06 billion in mortgages in July, up from $36.94 billion during the year-ago period.Countrywide's pipeline -- loans in the process of being originated that have yet to fund -- as of July 31 was $62 billion, even with the same time last year.Countrywide said last week it faces difficulties in the secondary market that are likely to impact operations and profit in the coming months.Mortgage lenders of all sizes have been squeezed in recent months by investor fears that the deteriorating performance of subprime mortgages -- loans given to customers with poor credit history -- will expand into the larger credit market.Nonprime lending, which includes subprime mortgage originations, totaled $1.8 billion during July at Countrywide, down from $3.35 billion during July 2006. Countrywide does not further separate subprime origination volume.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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