Countrywide mortgages in foreclosure nearly double
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NEW YORK, April 12 (Reuters) - Countrywide Financial Corp. CFC.N, the largest U.S. mortgage lender, said on Thursday the amount of mortgages in its portfolio that are in foreclosure nearly doubled, amid a difficult U.S. housing market.
The Calabasas, California-based company said the rate of pending foreclosures, as a percentage of unpaid principal balances, rose to 0.83 percent in March from 0.44 percent a year earlier and 0.80 percent in February.
Countrywide said the March foreclosure rate, measured by the number of loans serviced, was 0.69 percent, up from 0.47 percent a year earlier but down from February's 0.70 percent.
The delinquency rate rose to 4.29 percent in March from 3.68 percent a year earlier but fell from February's 4.71 percent. Countrywide's servicing portfolio grew 17 percent from a year earlier to $1.35 trillion.
Foreclosures are rising as housing price appreciation slows and lenders tighten their underwriting standards. This makes it more difficult for homeowners to refinance, especially those with loans whose rates are resetting higher.
Last month, the Mortgage Bankers Association said the foreclosure rate industrywide was 0.54 percent in the fourth quarter, the highest it had measured in 37 years of surveys.
Countrywide said it funded $43.28 billion of mortgage loans in March, up 5 percent from a year earlier. Adjustable-rate and "non-prime" fundings both fell 29 percent, to $14.68 billion and $2.36 billion, respectively.
From January to March, Countrywide said it funded $115 billion of mortgage loans, up 9 percent from a year earlier.
Countrywide shares closed Wednesday at $33.40 on the New York Stock Exchange. They began the year at $42.45.
(Additional reporting by Christian Plumb)
((Reporting by Jonathan Stempel, editing by John Wallace; Reuters Messaging: jon.stempel.reuters.com@reuters.net, 646 223 6317)) Keywords: COUNTRYWIDE LOANS/
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