Fred Business News- Countrywide Financial, the nation's largest mortgage lender, says delinquencies and foreclosures continued to rise in January.
Delinquencies in Countrywide's servicing portfolio increased to 7.47% in January, up from 7.2% the previous month and 4.32% in January 2007. Loan servicers collect mortgage payments and distribute them to the owners of the mortgages.
Foreclosure rates as a percentage of unpaid principal balance increased to 1.48% in January, up from 1.44% in December and 0.77% in January 2007.
Calabasas, Calif.-based Countrywide services mortgages totaling about $1.48 trillion.... more »
