NEW YORK Feb 15 Countrywide Financial Corp
CFC.N, the largest U.S. mortgage lender, said on Friday
foreclosures and late payments rose in January to the highest
on record, reflecting the nation's deepening housing and credit
The foreclosure rate for the 9.02 million mortgages on
which Countrywide collects and processes payments roughly
doubled to 1.48 percent from 0.77 percent a year earlier, and
rose from December's 1.44 percent. The delinquency rate rose to
7.47 percent of unpaid balances from 4.32 percent a year
earlier, and rose from December's 7.20 percent.
Countrywide also said it funded $21.9 billion of home loans
in January, down 41 percent from $37.1 billion a year earlier,
and 6 percent from December's $23.4 billion.
Calabasas, California-based Countrywide agreed last month
to be acquired by Bank of America Corp (BAC.N) in a transaction
originally valued at about $4 billion.
(Reporting by Jonathan Stempel; Editing by Dave Zimmerman)