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Countrywide Capitalizing on Demand for Home Equity Products.
Countrywide Home Loans here originated a record $3.1 billion in home-equity loans in August, according to new figures released by the company.
Countrywide's home-equity volume rose 8% compared to July and a stunning 80% compared to August of last year.
The funder, according to figures compiled by this newspaper, is already one of the largest second-lien lenders in the U.S., a business it has not been in for very long.
Traditionally, commercial banks have dominated the home-equity and "HELOC" market, but that dominance is fast fading.
In the second quarter, for instance, Countrywide ranked fifth among all home-equity lenders, originating $7.3 billion. (Its second-quarter 2004 home-equity volume rose 67% compared to the same quarter last year.)
Countrywide, which has a national bank affiliate, puts some of the home-equity loans it originates on the balance of its depository. It also continues to issue home-equity, asset-backed securities. In early September it priced a $2 billion ABS deal, insured by MBIA Inc., and rated "Aaa" by Moody's.
The company is also the largest ...
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