| $4.5 Billion 1st Quarter Subprime Fundings at Long Beach Mortgage
Washington Mutual home equity fundings $5.5 billion April 16, 2003 By MortgageDaily.com staff |
| As home equity fundings headed higher at Washington Mutual, subprime fundings edged down.
In its first quarter earnings announcement, Washington Mutual, Inc. reported subprime fundings of $4.5 billion, down from $4.7 billion the prior quarter. Subprime business, which is originated by the Long Beach Mortgage subsidiary, was 45% better than a year ago. Home equity loans and lines of credit jumped 11% from the fourth quarter to $5.5 billion — 47% better than the first quarter 2002. The Seattle-based company reported that total production of loans secured by real estate, including subprime and home equity loans, was $105.7 billion. |
