Jun. 12, 2007 - Refinancing is still strong

Countrywide's mortgage refinancing up 26%

Despite climbing rates for home loans, on Tuesday Countrywide Financial Corp., the largest U.S. mortgage lender, said it made 15 percent more home loans in May as the pace of refinancings increased.  It was noted that the foreclosure rate doubled. Countrywide has long said it expects to add market share as the U.S. housing slowdown and rising defaults cause weaker rivals to fold or reduce risk. It has boosted staffing 8 percent this year.  Refinancings increased 26 percent to $25.78 billion. Countrywide said it ended May with $69.74 billion of loans in its pipeline, the most since October 2005.  For the complete story go to: Yahoo! News

Source: Reuters