Foreclosures and delinquencies among home loans that Countrywide Financial services rose in July to their highest in at least several years, the largest U.S. mortgage lender said Tuesday.
The company also said it made 14 percent fewer home loans in July than in June after tightening lending standards, while daily mortgage applications fell 15 percent to a nine-month low. It nevertheless added more than 1,100 workers as many smaller rivals curtailed lending or folded.
Countrywide said expected foreclosures as a percentage of unpaid principal rose to 1.04 percent from 0.46 percent a year earlier, and 0.96 percent in June. Delinquencies rose to 5.10 percent from 4.11 percent last July, and June's 4.98 percent.