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Countrywide's Default Rate Doubled in January.
Calabasas, CA -- Countrywide Financial Corp., the nation's largest residential servicer with a market share of almost 17%, said its foreclosure rate almost doubled in January from the same month a year ago, according to newly released figures.
At Jan. 31, 1.48% of the loans in its massive $1.48 trillion servicing portfolio ($21.8 billion) had entered the foreclosure process. Moreover, 7.47% of loans serviced by CFC are 30 days or more late.
A year ago, CFC's delinquency rate was 4.32%. CFC would not provide separate figures for subprime and lumped all its servicing into one number.
CFC, which is almost 40 years old, is slated for sale to Bank of America, Charlotte, N.C. The transaction is expected to close in the third quarter. (BoA does not service any subprime mortgages though it has taken large writedowns on subprime CDOs it invested in or underwrote.)
As far as ...
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