Refinance, Home Equity Dominate CFC Lending
Countrywide Financial has April numbers out this morning and they show that homeowners are mostly refinancing and cashing out on home equity. "Purchase fundings include first trust deed and home equity loans used as purchase money debt in the acquisition of a home. Non-purchase fundings include first trust deed refinance loans, home equity refinance loans, and stand-alone home equity loans."
Mortgage Loan Fundings:
Total Mortgage Loan Fundings $34,405
Mortgage Loan Fundings by Product:
Government Fundings $792
ARM Fundings $19,583
Home Equity Fundings $3,519
Nonprime Fundings $2,922
Numbers are in millions$. Inman News has some details.