Lenders 'Pump Up The Volume And Keep The Party Going'
Inman News reports that one mortgage firm isn't letting up. "Countrywide Financial reported operational highlights for March, saying that mortgage loan funding totaled $40 billion, an increase of 10 percent from the prior year period. Adjustable-rate loan fundings for the month of March were $19 billion. Home equity loan fundings for March rose by 22 percent from March 2005 to $4.2 billion."
"Nonprime loan fundings in March were $3.3 billion. Consolidated pay-option loan fundings for the month were $7.2 billion, as compared to $6.6 billion in March 2005. Interest-only loan volume was $8.3 billion for the month of March 2006, compared to $6.4 billion for the same period a year ago."