Types Of Bankruptcy

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October 22nd, 2007

Countrywide to Modify $16B in Loans

“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 Financial Corp., the nation’s largest mortgage lender, said Tuesday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rate is set to adjust by the end of 2008.

Countrywide has been under fire since early July it has had difficulties with loan financing, its chief executive has been criticized for selling hundreds of millions of dollars in stock and it faces pressure from the government to help keep people from losing their homes. More Technorati Tags via Yahoo:
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