The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Paul Kern	5/17/2006 6:13:42 PM
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DJ Countrywide Sees 'Tick Up' In Loan Delinquencies >CFC 05/17/2006 Dow Jones News Services (Copyright © 2006 Dow Jones & Company, Inc.) NEW YORK (Dow Jones)--Countrywide Financial Corp. (CFC) has seen a "slight tick up" in mortgage loan delinquencies, according to Chief Executive Angelo Mozilo. In a CNBC interview Wednesday, Mozilo said rising interest rates have surpassed what Countrywide projected for the year. "So we have to modify what our projections are for this year as a result of the increase," he said. Mozilo said the slight increase in delinquencies is nothing significant now, making it difficult to see any possible trends. "What my concern is, is the types of loans out there today - the pay-option ARMs, some of the amortization products that are out there, loans that will be resetting at the higher interest rates - that is clearly a concern of mine at the moment, and we have begun to modify our operations and product line to deal with that," he said. -By Christopher Hinton, Dow Jones Newswires; 201-938-5285 (END) Dow Jones Newswires 05-17-06 1759ET

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