Loan fundings fell 40 per cent to $23bn from $38.3bn a year earlier while average daily loan applications fell 32 per cent on the year to $1.9bn.

Countrywide's shift in emphasis to retail deposits reflects in part its inability to raise funds in the wholesale and commercial paper markets.

The company has been borrowing heavily from the Federal Home Loan Bank system and is offering above-average interest rates on deposit accounts to attract customer funds.

 

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Real Estate Agent: Steve  Harless (REALTY WORLD LUXURY HOMES -702.217.1680)
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