Securities and Exchange Commission

Countrywide Pushes Ahead: Fundings, Apps Jump 

In spite of tightening its underwriting standards in response to turmoil in both the subprime and Alt-A credit sectors, Countrywide Financial Corporation (NYSE:CFC) reported Monday morning that fundings at the mortgage giant jumped 10 percent in Feburary, hitting $35 billion in 2007 versus $31 billion funded in February 2006. Applications also rose, the company said, with average daily application volume in Feburary 2007 jumping 20 percent versus year-ago levels and reaching $3.0 billion. In spite of its growth, the company’s deliquencies and foreclosure levels remained elevated in February, with pending foreclosures increasing for the eighth consecutive month. February’s pending foreclosures represented 0.70 percent of the company’s servicing portfolio, up 49 percent from year-ago levels.