Countrywide loan volume down 48%

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News item: Countrywide Financial, in its monthly report on mortgage activity, says October loan volume fell sharply from year-ago levels, but rose slightly from September. Reuters: ‘Countrywide Financial said October mortgage loan volume fell 48 percent from a year earlier, but credit quality has begun to stabilize as the largest U.S. mortgage lender curtails riskier home loans.’

More: ‘The company also said it ended October with 52,775 employees, down 2,077 from September and 8,092 from August. Countrywide plans to eliminate up to 12,000 jobs by December as it focuses on making smaller, safer -- and fewer -- loans.’

Month Mortgage fundings Delinquencies* Foreclosures**
March $43.2 B 4.29% .69%
April $40.5 B 4.45% .69%
May $44.4 B 4.71% .71%
June $45.3 B 4.98% .74%
July $39.1 B 5.10% .79%
Aug. $34.4 B 5.05% .89%
Sept. $21.2 B 5.87% .92%
Oct. $22.0 B 5.89% .89%

*Delinquencies, as a percentage of loans serviced
**Pending foreclosures, as a percentage of loans serviced

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