Countrywide foreclosure rate doubles
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Countrywide, foreclosures, mortgages March 15th, 2008Countrywide Financial Corp. said the foreclosure rate on its 9 million mortgages rose to 1.64 percent last month from 0.8 of a percent in February 2007.
The Calabasas-based mortgage lender had a 1.48 percent foreclosure rate in January.
The delinquency rate rose to 7.44 percent of unpaid balances last month, up from 4.48 percent in the year-ago period. Countrywide had a 7.47 percent delinquency rate in January.
Countrywide originated $25.6 billion in loans in February, down from $34.6 billion in February 2007. The company originated $21.9 billion in mortgages in January.
Countrywide has said a third of its subprime mortgages were delinquent at the end of 2007. The company lost $422 million in the fourth quarter.
Tags: Countrywide, foreclosures, mortgages
