Pending Foreclosures At Countrywide Financial Double From Last Year
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The eagerly awaited financial report from Countrywide Financial was released today and it painted a diverse picture. Foreclosures are up, but the company is funding more loans than this time last year. They have also reduced significantly their adjustable loans they are funding focusing more on fixed rate mortgages.
The Calabasas, California-based company said the rate of pending foreclosures, as a percentage of unpaid principal balances, rose to 0.83 percent in March from 0.44 percent a year earlier and 0.80 percent in February.
Countrywide said the March foreclosure rate, measured by the number of loans serviced, was 0.69 percent, up from 0.47 percent a year earlier but down from February’s 0.70 percent.
The delinquency rate rose to 4.29 percent in March from 3.68 percent a year earlier but fell from February’s 4.71 percent. Countrywide’s servicing portfolio grew 17 percent from a year earlier to $1.35 trillion.
Foreclosures are rising as housing price appreciation slows and lenders tighten their underwriting standards. This makes it more difficult for homeowners to refinance, especially those with loans whose rates are resetting higher. via Reuters
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