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October 26, 2007
Countrywide to Offer Refinance Options
Countrywide Financial Corp. plans to refinance or modify up to $16 billion in loans for borrowers who have adjustable-rate mortgages that will reset next year. The mortgage company plans to contact some 52,000 subprime borrowers with strong payment histories on about $10 billion in loans and offer them the opportunity to refinance into prime or Federal Housing Administration loans. Some 20,000 borrowers who are unlikely to qualify for a refinance and are likely to have problems with a rate reset will be offered a modification option.
Posted by S. Germain at October 26, 2007 08:03 AM