Home Equity, Subprime Loans Surge At CFC

The lending at Countrywide Financial jumped up in March. The type of loans taken out are another indication that the speculative fever is hot. "Adjustable-rate loan funding was up 38 percent from the prior month and 40 percent higher year-over-year. Home equity loan funding in March was up 30 percent compared to the prior month and 63 percent on the year."

"Nonprime loan volume (had) an increase of 29 percent over the prior month and 22 percent more on the year. Nonprime lending for the first quarter (was) up 42 percent as compared to the first quarter of 2004."