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CFC's B&C Overdues Hit 36%.
Calabasas, CA -- At the end of March, 36% of subprime mortgages being serviced by Countrywide Financial Corp. were in some stage of delinquency, according to a recent public filing by the company.
Countrywide services roughly $100 billion in subprime mortgages, which means nearly $36 billion worth of loans are at risk of going into foreclosure.
According to the Quarterly Data Report, CFC is the nation's largest subprime servicer. The 90-plus-day-late ratio on the portfolio is 21.04%.
A year ago the 90-day rate was 7.82%. Countrywide is in the process of being sold to Bank of America. The sale is expected to close by the end of the third quarter.
CFC is no longer funding much in the way of subprime loans unless they ...
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Source: HighBeam Research, CFC's B&C Overdues Hit 36%.