The mortgage lender says delinquency rates declined slightly in February as foreclosure rates grew.
March 13, 2008: 9:29 AM EDT
CALABASAS, Calif. (AP) -- Mortgage lender and servicer Countrywide Financial Corp. said Thursday delinquency rates declined slightly in February compared with the previous month, while foreclosure rates continued to rise.
Delinquencies rates on loans serviced by Countrywide fell to 7.44% in February, from 7.47% in January. Delinquencies rates are still much higher than the year ago-period, when delinquencies totaled 4.48% in February 2007.
Foreclosure rates continued to rise. Countrywide's foreclosure rate rose to 1.64% in February, compared with 1.48% in January and 0.80% in February 2007.
Countrywide originated $25.6 billion in loans in February, compared with $21.94 billion in January and $35.26 billion during the same month a year ago. In the middle of 2007 as delinquencies and defaults skyrocketed, Countrywide stopped originating most types of loans, except traditional, prime loans. That has led to a significant year-over-year reduction in mortgage origination volume.
Earlier this year, Bank of America Corp. (BAC, Fortune 500) agreed to acquire Countrywide for about $4 billion in stock.
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