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Sunday, February 17, 2008

Countrywide says foreclosures and delinquencies continue rising

February 17 2008
Struggling lender Countrywide Financial Corp. reported Friday that both foreclosures and delinquencies rose in January.
The combination of a slowing economy and nagging unemployment in some regions of the country have made it more difficult for borrowers to meet payments, especially those holding adjustable rate mortgages. That has led to a greater number of people either forestalling payments or walking away from their loans altogether. The up-tick of delinquencies and foreclosures was a visible sign of larger problems borrowers are facing nationwide. Industry research firm RealtyTrac said Jan. 30 that foreclosure filings were up 75% in 2007.

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