Value of Countrywide Loan Applications Falls
From Bloomberg News
Countrywide Financial Corp. said the average daily value of loan applications fell 39% last month as interest rates gained.
The average daily value of loan applications declined to $2 billion from a year earlier, the Calabasas-based company said. Applications in process dropped 32% to $50 billion.
Interest rates have increased since early April, and loans funded fell 20% to $32 billion in May from last year, the company said.
Countrywide shares fell 81 cents to $66.64 on the NYSE.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
