Countrywide Financial Corp, the largest U.S. mortgage lender, on Tuesday said it funded 48 percent fewer mortgages in October than a year earlier, and significantly reduced some of the riskier home loans that prompted its recent financial troubles.
The lender said it funded $22 billion of home loans in October, down from $41.9 billion a year earlier, but up 4 percent from September. Adjustable-rate loan volume fell 81 percent from a year earlier to $3.1 billion, while subprime loan volume totaled just $42 million, down from $3.3 billion.
Chief Operating Officer David Sambol said Countrywide continues to work diligently toward mitigating the consequences our borrowers are facing as a result of the current market conditions.
(Reporting by Jonathan Stempel; Editing by Gerald E. McCormick)