Countrywide November loan funding drops 40 percent
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Countrywide Financial Corp  said on Thursday that mortgage loan funding tumbled 40 percent to $23 billion in November, sending its shares down nearly 4 percent before the market opened.
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A disappointing November employment report helped push mortgage rates lower this week, according to Freddie Mac&#39;s weekly mortgage survey.
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U.S. construction spending fell unexpectedly by 0.4 percent in November, as a cooling in residential construction overpowered a small rise in public spending, a government report showed on Monday.
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New applications for U.S. home loans  fell last week even as average 30-year mortgage rates decreased  from the previous week, an industry group said on Wednesday.
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Freddie Mac , the nation&#39;s  second-largest source of home loan funding, said on Thursday  its second-quarter net income fell 45 percent from a year  earlier as more borrowers defaulted on their loans.
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Countrywide Financial, the nationâs largest mortgage lender, issued a pessimistic outlook of the housing market, helping to ignite a sell-off in the stock market.
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The number of loans for house purchases fell by 35 per cent in October compared with the same month last year, providing further evidence of a slowdown in the housing market.
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Countrywide Financial Corp , the mortgage lender being acquired by Bank of America Corp , posted a larger-than-expected $421.9 million quarterly loss on Tuesday as more homeowners fell behind on payments.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Tuesday second-quarter profit fell as mortgage banking pre-tax earnings declined by about half.
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The number of mortgages approved in December fall for the seventh month in a row, with 38% fewer mortgages approved than a year earlier.
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Mortgage lending has fallen for two successive months for the first time in four years, reinforcing observations of a weakening property market.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Thursday it has lined up $12 billion of financing to help weather a housing slowdown that has reduced loan demand and will lead to widespread layoffs.
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , posted a larger-than-expected fourth-quarter loss on Tuesday, as a sinking housing market caused more borrowers to fall behind on payments.
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Housing starts fell 3.7 percent in  November, with construction of single-family homes sliding to  the lowest level in more than 16 years as builders scrambled to  cope with a deep drop in sales.
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The number of homes listed for sale in 18 major U.S. metropolitan areas at the end of November was down 4 percent from a month earlier, the Wall Street Journal reported on its Web site on Tuesday.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Thursday it has lined up $12 billion of financing to help weather a housing slowdown that will lead to widespread layoffs.
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Countrywide Financial Corp  said on Friday the U.S. housing slump led to a $1.2 billion third-quarter loss, but the largest U.S. mortgage lender expects to return to profitability this quarter as it slashes jobs and stabilizes its operations.