Countrywide’s delinquencies rising
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Good morning. Countrywide Financial, in its monthly report on mortgage activity, reports that loan volume, while running 40% below year-ago levels, inched slightly higher from its depressed September-October levels. The not-so-good news: Delinquencies and foreclosures both moved higher.
The company continues to grow its banking business: ‘Retail deposits at Countrywide Bank continued to grow during the month, and totaled $31 billion at the end of November, up from $29 billion last month and $24 billion at the end of November 2006,’ COO David Sambol said in a news release. ‘Our plan to have nearly 200 financial centers open by year-end is on track with 170 up and running at the end of November.’
By my math that means Countrywide is opening roughly one new bank office every day this month.
Month Mortgage fundings Delinquencies* Foreclosures**
March $43.2 B 4.29% .69%
April $40.5 B 4.45% .69%
May $44.4 B 4.71% .71%
June $45.3 B 4.98% .74%
July $39.1 B 5.10% .79%
Aug. $34.4 B 5.05% .89%
Sept. $21.2 B 5.87% .92%
Oct. $22.0 B 5.89% .89%
Nov. $23.1 B 6.34% .94%
*Delinquencies, as a percentage of loans serviced
**Pending foreclosures, as a percentage of loans serviced
Thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo Credit: Countrywide CEO Angelo Mozilo, from the L.A. Times