Dec 13, 2007 10:41 am US/Pacific
Countrywide's Loans Drop 40 Percent In 1 Year
CALABASAS, Calif. (CBS) ―
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Countrywide's mortgage loan funding fell 40 percent in just one year.
AP
Hit hard by the sub-prime mortgage crisis that has battered the housing market, Calabasas-based Countrywide Financial Corp. reported Thursday that its mortgage loan funding fell 40 percent last month compared with the same period in 2006.
Countrywide's loan funding totaled $23 billion in November, compared with $38.3 billion in the same month a year earlier.
The company also reported $1.9 billion in average daily mortgage loan application activity, a 32 percent decrease from the November 2006 figures.
Countrywide's $43 billion in the "loan pipeline" was down 30.6 percent from the $62 billion reported during the same period in 2006.
"November's operating results reflect the trends of today's mortgage market," Countrywide president and CEO David Sambol said.
Sambol also reported that Countrywide's "total mortgage loan fundings were up 5 percent from the prior month, while average daily applications and the mortgage pipeline were up 6 percent and 4 percent, respectively, from October levels."
The nation's No. 1 mortgage lender announced in September that it would cut up to 12,000 jobs -- about a fifth of its staff. Countrywide also has been hit with a flurry of lawsuits from shareholders who claim the company misled them about its financial condition.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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