Fundings of payment-option loans continue to run at a much slower pace at Countrywide Financial Corp., totaling $2.3 billion in May, down from $6.6 billion in May 2006, although overall mortgage fundings rose.Nonprime fundings totaled $2.2 billion in May, down from $3.8 billion a year earlier, and home equity loan fundings stood at $3.4 billion, off from $4.4 billion in May 2006. Overall, Countrywide produced $44.4 billion in mortgage fundings for the month, up from $38.7 billion in May 2006. David Sambol, Countrywide's president and chief executive officer, said home purchase activity rose 17% from that of the previous month, and fixed-rate mortgages accounted for 76% of monthly production, their highest percentage since August 2003. In addition, the company's mortgage pipeline ended the months at $70 billion, its highest level since October 2005, Mr. Sambol said. Countrywide, based in Calabasas, Calif., can be found online at http://www.countrywide.com.
-
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11