Thursday, July 13, 2006

Countrywide Subprime Lending Continues

A report on on subprime lending. "Countrywide’s June financial data, released today, shows that delinquencies have essentially remained unchanged from May’s reported 3.91 percent. While steady, foreclosure and delinquency rates remain well above last year’s record low levels. Delinquencies are up 11.7 percent and foreclosures are up 20.5 percent from June 2005."

Countrywide’s servicing portfolio continues to grow, reaching nearly $1.2 trillion during June, a 24 percent increase from last year. Much of this growth is being supported by continuing strength in the nonprime credit sector, an area many had forecast would wane during 2006."

"Countrywide reported that nonprime loan fundings in June were $4.1 billion, compared with $4.2 billion for the year-ago period. Nonprime activity for the second quarter of 2006 reached $11 billion, up 7 percent from the same year-ago period."


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