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June 20, 2008
Countrywide Will Rework $16B in Mortgages
Countrywide Financial plans to restructure or refinance $16 billion in adjustable-rate mortgages that have recently reset higher or that will reset by the end of 2009. The program is set up primarily to help borrowers with subprime credit who have continued to pay on time; and they will have an opportunity to refinance into a lower-interest prime loan or a mortgage insured by the Federal Housing Administration, Fannie Mae or Freddie Mac.
Posted by S. Germain at June 20, 2008 08:06 AM