As high interest rates cut into mortgage demand, Countrywide Credit Industries is ramping up home equity and subprime mortgage lending to partially make up for lost volume.

The Calabasas, Calif., lender reported Wednesday that its total loan production was off 34% from September last year, to $4.7 billion. But it said home equity lending was up 67%, to $346 million, and subprime lending 35%, to $306 million.

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