This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Countrywide Loan Fundings Dive

Countrywide Financial (CFC) said its mortgage loan fundings in October plunged 48% from the same month a year earlier to $22 billion, and subprime loans were virtually nonexistent.

Average daily mortgage loan application activity for the month was $1.8 billion, a 34% year-over-year decrease. The mortgage loan pipeline was $41 billion at Oct. 31, $20 billion below last year.

The mortgage loan-servicing portfolio continued to grow, reaching $1.47 trillion at the end of the month, up 16% from the year earlier. Banking operations' assets rose to $106 billion from $83 billion.

"October's operating results continue to be indicative of current market trends," said David Sambol, Countrywide's president and chief operating officer. "Total fundings were down substantially on a year-over-year basis, but were up 4% from the prior month, and production funded through the Bank has now surpassed 90% of total fundings. Average daily applications and the mortgage loan pipeline were essentially flat from the prior month. At $42 million, subprime fundings for the month of October 2007 were just 0.2% of total mortgage loan fundings."

The California-based lender said it continues "to work diligently toward mitigating the consequences our borrowers are facing" as a result of the meltdown in the mortgage arena.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs