Countrywide Lending Sets Record in August
Countrywide Credit Industries Inc., the largest independent mortgage lender, said its lending volume rose 24% in August from July, setting a record as more people refinanced their home loans.
Countrywide said it lent $21.2 billion last month, up from $17.1 billion the previous month. The previous monthly record was in December, when the company made $17.6 billion of loans.
Mortgage companies are benefiting from home loan rates at 30-year lows.
Countrywide loans to buy homes fell 1.7% in August to $8.31 billion, while loans to refinance homes rose 49% to $12.2 billion.
Countrywide shares fell $1.44 to $53.30 on the New York Stock Exchange.
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