by Calculated Risk on 7/16/2007 09:59:00 AM

"Market conditions became increasingly challenging throughout the second quarter of 2007. The housing market continues to soften, and delinquencies and defaults continue to rise. Additionally, interest rates, price competition in the residential lending markets and secondary market volatility have all increased. However, Countrywide's residential funding volume in June was strong, driven primarily by seasonal purchase activity and higher application volumes in preceding months."
David Sambol, President and Chief Operating Officer, July 16, 2007.