Countrywide Starts Up Program To Modify $16B In Amendable - Rate Mortgages

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Source: Headline News

Calabasas, CA (AHN) - The nation's biggest mortgage lender, Countrywide Financial Corporation, said on Tuesday it will start calling borrowers to tender refinancing or modifications on $16 billion in loans whose interest rate is about to adjust by the last part of 2008.

Countrywide has had troubles with loan financing and has been criticized since past July, with its Chief Executive selling hundreds of millions of dollars in stock and made it to face strain from the administration to help people keep their homes.

Countrywide President and Chief Operating Officer David Sambol stated: "Unprecedented times call for unprecedented remedies. We are determined to assist borrowers who have the willingness and wherewithal to remain in their homes, but need a little help to do it."

Countrywide affirmed it would refinance about $10 billion in loans and modify additional $4 billion.

It also intends to reach borrowers of $2.2 billion who are having hard times paying because of a latest rearranged rate.

Comprehensively, Countrywide's plan would communicate to about 82,000 borrowers for some kind of assistance.

Read more: http://www.allheadlinenews.com/articles/7008921065

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Trying to save their company, hope it helps some homeowners.