Countrywide Foreclosure Rates Nearly Double

Calabasas, NY, February 18, 2008--Countrywide Financial Corp., the nation's largest mortgage lender, said the foreclosure rate on the mortgages it services nearly doubled in January from the previous year.

Countrywide, which is being acquired by Bank of America Corp., said the foreclosure rate on its 9.02 million mortgages rose to 1.48 percent last month from 0.77 a year ago.

The delinquency rate also rose to 7.47 percent from 4.32 percent last January.

Countrywide has said a third of its subprime mortgages were delinquent at the end of 2007.

Countrywide last week week announced a plan to help subprime borrowers avoid foreclosure.