Countrywide reports increase in overdue house loan payments

first_imgCountrywide Financial Corp., the largest U.S. home mortgage lender, said payments were at least 30 days late on 2.9 percent of prime home-equity loans serviced by the company, up from 1.6 percent a year earlier and 0.8 percent at the end of 2004, according to a newspaper report. The Calabasas lender said in a Securities and Exchange Commission filing that payments were late on 19 percent of subprime mortgage loans, compared with 15.2 percent at the end of 2005 and 11.3 percent at the end of 2004, The Wall Street Journal said on its Web site. Subprime loans are for borrowers with weak credit records. First American LoanPerformance, a research firm in San Francisco, also show a rising trend in late payments. The firm said payments were at least 60 days late in December on about 14 percent of subprime loans packaged into mortgage securities, up from 8.3 percent a year earlier. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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