The nation's number one mortgage lender, Countrywide Financial (NYSE: CFC) just keeps making headlines. Today's big news shows that the company saw a forty percent year over year drop in loan fundings. Countrywide said that its loan funding in November was $23 billion, sharply lower from $38.3 billion a year earlier. The reason for the drop off? You guessed it... the evaporation of subprime and adjustable rate loans being issued by the company.
I know that I when I look back on 2007, the one word that will probably jump out more than any other is subprime. It has pretty much dominated the economic landscape and the scary part is that we still have not reached the bottom of the rabbit hole yet. No one is sure just how hard the economy will be hit, or when we can expect to see the real estate market start to turn around.
Heinz looking good after the second quarter?
Why isn't Bank of America updating its shareholders on CEO situation?
Will Rich Ross really have a positive impact on Disney's movie operations?
