Wholesale Production Falls 57% at Countrywide

Countrywide Financial Corp. funded just $3.2 billion in mortgages through loan brokers during October, a startling 57% decline from the level of a year earlier.During the month its retail production fell by 29%, while loans bought through the correspondent channel declined 52%. The Calabasas, Calif.-based company funded $22 billion in October, a 48% drop from the level recorded a year earlier. Like most residential lenders, Countrywide has been hurt by the meltdown in the subprime and nonconforming niches and a credit crunch in the secondary market. In a statement, Countrywide president David Sambol noted that 90% of the company's production is now funded through its thrift affiliate. Countrywide can be found online at http://www.countrywide.com.