Countrywide Financial mortgage loan production sank 48 percent in October

: Countrywide Financial Corp. said Tuesday its degree of place loan production drop by almost half last calendar calendar month from the same month last year, while the per centum of delinquent loans rose as the mortgage loaner continued to cope with the radioactive dust from the U.S. lodging slump.

Countrywide, the biggest U.S. mortgage lender, generated $21.9 billion (€14.99 billion) in mortgage loan supports in October, down 48 percentage from $41.8 billion (€28.62 billion) the year-ago month.

Total supports rose 4 percentage from September, the company said.

In all, the loaner originated 117,430 place loans during the month, down from 230,196 in October 2006.

Following the collapse of the subprime mortgage marketplace Countrywide dramatically cut back on originating such as loans, which are typically made to borrowers with past recognition problems. Today in Business

The company's subprime mortgage supports posted the greatest diminution from a twelvemonth ago, plummeting almost 99 percent, to $42 million (€28.75 million) last calendar month from $3.25 billion (€2.22 billion).

Home equity loan origins totaled $1.35 billion (€0.92 billion), down 68 percentage from $4.29 billion (€2.94 billion) in October 2006.

Countrywide's slate of adjustable charge per unit mortgages — among the most popular type of loan in recent old age — barbarous almost 80 percent, to $3.09 (€2.12) from $16.25 billion (€11.12 billion) a twelvemonth earlier.

In all, Countrywide had mortgage applications waiting to be processed worth about $41 billion (€28.07 billion) as of Oct. 31, down from $61 billion (€41.76 billion) in the year-ago month.

As of Oct. 31, the company's mortgage loan service portfolio was valued at $1.47 trillion (€1.01 trillion), up 16 percentage from October last year. The company services loans originated by other lenders.

The company said some 5.89 percentage of the loans in its service portfolio were delinquent last month, up from 4.43 in the year-ago period. About 0.89 percentage of the mortgage loans were pending foreclosure, up from 0.56 percent.

Countrywide noted that more than than 90 percentage of entire loan originations, which includes commercial existent estate lending, were funded through its banking subsidiary, Countrywide Bank.

Assets at the bank, which experienced a roseola of backdowns in August as some clients feared their sedimentations might be lost if the mortgage loaner went under, stood at $106 billion (€72.57 billion) at the end of last month, up from $83 billion (€56.82 billion).

Shares of Countrywide rose 53 cents, or 4 percent, to fold at $13.72 Tuesday.

___

On the Net:

Countrywide Financial: