COLUMBIA, S.C. - Resource Bancshares Mortgage Group's loan production in the first seven months of this year slid 45% from the same period last year, to $3.5 billion.
Last month's production dropped 13% from last year, to $529.2 million, and subprime originations fell 21%, to $49.5 million. Subprime production in the first seven months was off 14% from the same period last year, to $370.8 million.
Douglas K. Freeman was brought in as chief executive officer of Resource this year to help turn the tide of mounting losses, which started in the third quarter of last year and have continued for the last four quarters, in which it has lost $22.8 million.
The company's stock was trading at $5.125 midday Thursday, up 2.5% from Wednesday's close.