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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (15200)	6/12/2004 11:47:56 AM
From: russwinter	Read Replies (4) \| Respond to of 110194

A look at CFC's business mix, huge subprime/ARMs bottom of the barrel activity. And the HELOC's activity is astonishing, guess people need the money? Countrywide Reports May 2004 Operational Data Tuesday June 8, 8:02 am ET - Servicing Portfolio Surpasses the $700 Billion Level - - Home Purchase Fundings Continue to Be Robust - - Pipeline of Applications-in-Process at $50 Billion - CALABASAS, Calif., June 8 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC - News), a diversified financial services provider, released operational data for the month ended May 31, 2004. Highlights included the following: Average daily application volume of $2 billion declined 39 percent from last year amidst a higher interest rate environment. Applications fell only 5 percent as compared to last month, despite the substantial increase in rates since early April 2004. This has kept the pipeline of applications-in-process at $50 billion, down from the year-ago period when it was $74 billion. Loan fundings for the month of May totaled $32 billion, a decrease of 20 percent from last year. Nonetheless, year-to-date volume reached $144 billion. Monthly purchase activity continued to rise, reaching a record high of $15 billion for the month, an increase of 43 percent over May 2003 and up 5 percent over last month. This brought year-to-date purchase volume to $60 billion. Demand for adjustable-rate, home equity and subprime loans remained strong. For each category, new highs in monthly funding levels were achieved. - Adjustable-rate fundings reached $16 billion, up 147 percent over May 2003, bringing year-to-date volume to $65 billion, which exceeds total Company production for the full calendar year of 2000. Home equity fundings rose 65 percent over May 2003 to $2.3 billion, driving year-to-date volume to $10 billion. Subprime volume surpassed $3 billion, an increase of 89 percent over last year. Year-to-date volume reached $13 billion.