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COUNTRYWIDE'S PROBLEMS GROW THE COMPANY SAYS THE PERCENTAGE OF BORROWERS WHO MISSED PAYMENTS ROSE IN DECEMBER.(BUSINESS)
- Article from:
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Wisconsin State Journal (Madison, WI)
- Article date:
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January 10, 2008
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Copyright informationCOPYRIGHT 2008 Capital Newspapers. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ALEX VEIGA Associated Press
LOS ANGELES -- Countrywide Financial Corp., its stock pummeled this week by rumors of bankruptcy and lackluster housing market forecasts, said Wednesday the percentage of borrowers who missed payments on home loans last month rose, signaling worsening trouble for the nation's largest mortgage lender and for the entire mortgage sector.
The company also reported that it had funded $23.5 billion in loans in December - a steep decline from $42.8 billion in the year-ago period.
"Their new business is down roughly 50 percent," said Sean Egan, managing director of independent ratings firm Egan-Jones Ratings Co. in Philadelphia.
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