Countrywide Shares Sink

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Shares in Countrywide Financial Corp. took a tumble Wednesday after the company said that it helped 81,266 borrowers keep mortgage payments manageable last year as part of plan to prevent foreclosures and provide some relief to homeowners.


The Calabasas-based lender also said that it modified the loan terms on about 69 percent of those borrowers but added that 1,000 customers ended up losing their homes because they were worth less than the amount owed on the mortgage.


Countrywide agreed last week to be acquired by Bank of America Corp. for $4.1 billion in stock.


Countrywide earlier this month said that 6.96 percent of the loans in its servicing portfolio were delinquent as of the end of the year, up from 5.02 percent from the year before, and about 1.04 percent of loans, or 93,961, were pending foreclosure, up from 0.65 percent.


Shares in Countrywide sank 4.4 percent to $5.68 in early trading Thursday on the New York Stock Exchange.

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