Countrywide To Offer Refinancing Options To Some Distressed Borrowers

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It’s no secret that many people have been unable to afford adjustable rate mortgages when they “reset” to much larger payments. So Countrywide, a company that is deeply involved in the subprime crisis is planning to reach out to many borrowers in hopes of preventing them from defaulting.

So far this year, Countrywide has completed about 20,000 loan modifications — a figure that represents less than 5 percent of the more than 500,000 loans the lender reports were behind in payments as of last month.

The figure amounts to about 24 percent of the roughly 82,000 loans the company said were in foreclosure as of September.

Still, the company notes that its efforts to help troubled borrowers through refinancing, loan modification, repayment plans and other loan workouts, have kept some 40,000 borrowers from losing their homes.

The move won’t come in time for thousands of people who have already lost their homes.

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