Holy Shitpile!

Them’s a lottaforeclosures.

NEW YORK (Reuters) – Countrywide Financial Corp <CFC.N>, the largest U.S. mortgage lender, said on Wednesday that foreclosures and late payments rose in December to the highest on record, though it made more loans than expected in the fourth quarter.


In its monthly operating report, Countrywide said the foreclosure rate among the 9.03 million mortgages for which it collects and processes payments doubled to 1.44 percent from 0.70 percent a year earlier, and rose from November’s 1.28 percent. The delinquency rate rose to 7.20 percent of unpaid balances from 4.60 percent a year earlier.

December’s rates were the highest since 2002, the earliest period for which data are available.

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