Countrywide reported Thursday that mortgage loand funding tumbled 40 percent to $23 billion in November.
November daily mortgage applications fell 32% to $1.9 billion. The mortgage loan pipeline was $43 billion in November compared to $62 billion last year.
Subprime mortgages fell to $17 million from $3.06 billion last year. Adjustable-rate fundings fell to $3.33 billion from $14.3 billion.
With higher rates on their deposits, their retail deposits increased from $29 billion to $31 billion in November. Thank god for FDIC. And also FHLB!
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