Countrywide Lending Falls Off 17 Percent in August
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The bellwether indicator for the mortgage industry has to be Countrywide Financial as they are the 500 pound gorilla of the industry. So when business is off 17 percent from August of last year, you know that the landscape has changed drastically.
Countrywide Financial Corp (CFC.N), the largest U.S. mortgage lender, said on Thursday its mortgage fundings slid 17 percent in August from a year earlier to $34 billion on the housing slowdown and “credit tightening in the mortgage market.”
Countrywide said average daily mortgage loan application volume for the month fell 12 percent from a year before to $2.3 billion.
Shares of Countrywide are down some 60 percent this year amid a meltdown in the market for risky subprime mortgages. Countrywide plans to cut as many as 12,000 jobs, and analysts say there could be more cuts on top of that figure, given that the lender hired some 7,000 people this year. Reuters
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