Nonprime loan fundings at Countrywide Financial Corp., Calabasas, Calif., totaled $2.6 billion in February 2007, down from $2.8 billion in February 2006.Home equity loan fundings fell 13% to $3.0 billion from $3.4 billion the year before. Countrywide funded $2.4 billion in pay-option loans during February, down from $6.0 billion the year before. The company said the above categories were not mutually exclusive. Overall, it produced $35 billion for the month, up from $31 billion in February 2006. Originations for home purchases declined to $12.6 billion from $13.6 billion the year before, while "non-purchase" originations increased to $22 billion from $17.7 billion in the same time frame. David Sambol, Countrywide president and chief executive, said, "In response to market factors, management has implemented changes to our origination policies to mitigate future exposure including further tightening of underwriting guidelines. Nonprime fundings were only 7% of total mortgage loan fundings in February and recent nonprime application volumes have declined as a result of our recent policy changes." He added because of the issues in the subprime market, Countrywide might experience short-term earnings volatility. Investors punished the company's stock, driving it down $0.99 in one day as of 12:22 p.m.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28