Neighborhood Assistance Corporation of America is calling for a nationwide boycott against Countrywide Financial Corp., contending that the nation's largest mortgage lender and servicer is refusing to restructure loans so that homeowners can afford the payments and avoid foreclosure."Countrywide is the number one example of the abuses in the subprime industry," NACA chief executive Bruce Marks said. NACA plans to conduct demonstrations at Countrywide offices and discourage people from getting mortgages or certificates of deposit from the Calabasas, Calif.-based company. Countrywide had not commented by deadline time. NACA launched a campaign against Countrywide in August to draw regulators' attention to the company's lending and servicing practices. The Boston-based activist group has waged campaigns about other subprime lenders and has a mortgage broker operation that provides low-cost, fixed-rate mortgages to low- and moderate-income people.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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