The mortgage situation has to be an opportunity for someone to gain market share. I don't know about you, but most of my neighbors are still paying their mortgage each and every month.
So, who are the net benefactors? Here is CFC's July numbers. Are they?
Countrywide Reports July 2007 Operational Results 08/14/2007
Click here for a printable (PDF) version of this release.
CALABASAS, Calif., Aug 14, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended July 31, 2007. Key operational results for July 2007 included the following:
Mortgage loan fundings for the month of July totaled $39 billion, an increase of 6 percent from July 2006.
Commercial real estate funding volume for the month of July was $803 million, up 88 percent from July 2006.
Average daily mortgage loan application activity for July 2007 was $2.7 billion, up 5 percent from July 2006. The mortgage loan pipeline was $62 billion at July 31, 2007, even with the same period last year.
The mortgage loan servicing portfolio continued to grow, reaching $1.43 trillion at July 31, 2007. This is an increase of $223 billion, or 18 percent, from July 31, 2006.
Banking Operations' assets were $90 billion at July 31, 2007, which compares to $85 billion at July 31, 2006.
Securities trading volume in the Capital Markets segment of $371 billion for July 2007 was 33 percent higher when compared to the same month last year.
Net earned premiums from the Insurance segment were $124 million, up 32 percent from July 2006.
"Mortgage funding volume of $39 billion this month represents an increase of 6 percent from last July, despite a smaller total origination market," said David Sambol, President and Chief Operating Officer. "Mortgage funding volume declined 14 percent on a sequential month basis, which reflects our tighter lending guidelines that have significantly curtailed total production. Average daily application volume for the month was $2.7 billion, 5 percent higher than July 2006, and the mortgage loan pipeline at July 31, 2007 of $62 billion remained constant compared to a year ago.
"Countrywide's mortgage servicing portfolio, which last month regained its position as the largest in the nation, increased over $200 billion from July 31, 2006," Sambol concluded. "Total assets in our Banking Operations also increased on a year-over-year basis. In addition, our Capital Markets and Insurance segments posted year-over-year monthly increases in securities trading volume and net earned premiums, respectively."
|
