Mortgage Loans Still Declining

Countrywide Financial Corp. said mortgage loan fundings fell again in August to $40 billion, down 24 percent compared to August, 2005. Monthly purchase lending was $19 billion in August, compared with $25 billion for August, 2005. Home equity loan fundings, $4.1 billion, were flat compared to the prior year period. Angelo R. Mozilo, Countrywide’s chairman and CEO, noted that year-to-date purchase volume was down 6 percent from the prior year, when purchase mortgage volume reached an all-time high.