Servicers Quicken Countrywide Loans Through Foreclosure Process: BarCap

Mortgage servicers are pushing troubled Countrywide loans through the foreclosure and liquidation processes at a quicker rate since January, according to analysts at Barclays Capital.

Countrywide is responsible for 15-to-20% of outstanding subprime and option adjustable rate mortgages (ARMs) in the US, a substantial enough portion to drive sector level performance, according to BarCap Countrywide, since acquired by Bank of America entered into a nationwide settlement agreement in October 2008 to provide $8.4bn in foreclosure relief after a slew of state Attorneys General filed similar lawsuits, including California, Connecticut, Illinois, West Virginia, Virginia and Texas.

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