Countrywide Beefing Up Subprime Mortgage Loans
Habal, Hala, American Banker
As high interest rates cut into mortgage demand, Countrywide Credit Industries is ramping up home equity and subprime mortgage lending to partially make up for lost volume.
The Calabasas, Calif., lender reported Wednesday that its total loan production was off 34% from September last year, to $4.7 billion. But it said home equity lending was up 67%, to $346 million, and subprime lending 35%, to $306 million.
Countrywide's monthly report underscored a shift in strategy throughout the mortgage industry. Now that the refinancing boom has ended, lenders are making more loans to people who previously might not have qualified for a mortgage. And that is beginning to fuel …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Countrywide Beefing Up Subprime Mortgage Loans. Contributors: Habal, Hala - Author. Magazine title: American Banker. Volume: 164. Issue: 193 Publication date: October 7, 1999. Page number: 1. © 2009 SourceMedia, Inc. COPYRIGHT 1999 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.