Countrywide Loan Fundings Drop

Countrywide Financial Corp. said its October mortgage loan fundings fell 48% from a year earlier as the company continues to suffer from the ongoing credit crunch.

The nation's largest mortgage firm said it funded $22 billion in loans last month, with average daily applications dropping 34% to $1.8 billion. The company's pipeline was $41 billion as of Oct. 31, compared with $61 billion a year earlier and $42 billion on Sept. 30.

President and Chief Operating Officer David Sambol said, "October's operating results continue to be indicative of current market trends."

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- Posted: 2007-11-13 10:13:27

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