Pending Foreclosures At Countrywide Financial Double From Last Year
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
It sounds like it really depends on consumer confidence then. I feel like if people do start spending their money ...
THIS IS COMPLETELY UNFAIR! My accountant told me this today! So we took a risk in 2008 to buy our ...
This was sent to my husband when he responded to an ad.
Hello,
It is a great pleasure that to ...
The "real estate rebound" is on the horizon. The April 30th incentive deadline is something is only going to ...
Living in Missouri for such a long time, I am shocked that no Missouri cities have made the list... Apparently ...
omg where is maine? Like a lot of cities in Maine are pretty safe. Cept portland lewiston or agusta yaknow 
The real estate fee of 6% is the most deceptive pricing method in the world. Only 30% of homeowners have ...
I Have been in correspondance with one of these scammers from Craigslist. I did locate the home in question on ...
Our company posts regularly on ActiveRain, and one of the things we try to concentrate on for sure is having ...
A house of beautiful architecture and well built so turned upside down. How sad. My condolences to the owner. 
Comment by joe on 3 November 2009:
seems to me the banks and instutions holding all these forclosured properties would make them a bit easier to get ahold of im offering to pay off forclosed price , guess its just better for them to loose money selling at aution is it a tax write off or what