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Friday, February 15, 2008

Countrywide's Delinquencies Rise

by Calculated Risk on 2/15/2008 11:11:00 AM

Here are three interesting graphs on Countrywide Lending: January 2008 Operational Results

Countrywide Delinquencies and Foreclosures Click on Graph for larger image.

The first graph shows that delinquencies and foreclosures pending continue to rise.

Delinquencies rose to 7.47% in January (as a percent of unpaid principal balance) from 7.2% in December.

Foreclosure pending rose to 1.48% from 1.44% in December.

Countrywide Nonprime and HELOC Funding
The second graphs shows Countrywide funding for nonprime loans and HELOCs (Home Equity Lines of Credit). Nonprime funding is now zero (this includes subprime and Alt-A).

The collapse in HELOCs probably means that MEW (Mortgage equity withdrawal) is declining rapidly - probably impacting consumer spending in 2008.

Countrywide Commercial Real Estate Funding And the third graph shows CRE (Commercial Real Estate) funding. This has all but dried up.

Part of this is probably company specific, but this is further evidence of the coming slowdown in CRE investment.