In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Tuesday, January 29, 2008

Countrywide: One Third of Subprime Loans Delinquent

by Calculated Risk on 1/29/2008 08:34:00 AM

From Reuters: Countrywide--1 in 3 subprime mortgages delinquent

Countrywide said borrowers were delinquent on 33.64 percent of subprime loans it serviced as of Dec. 31, up from 29.08 percent in September.
From the WSJ: Countrywide Swings to Loss
Countrywide ... lost $422 million...

Countrywide set aside $924 million for credit losses during the fourth quarter, compared with reserves of $73 million during the final quarter in 2006.
More to come, Countrywide is still in the Confessional.