Countrywide to Expand Subprime Loan Workouts

Countrywide is "formalizing" its loan workout programs and opening workouts to all subprime loans according to a Market Watch report. Workouts, which have typically been arduous to finalize, have up until now been reserved for those people with adjusting rates that have sent mortgage payments skyrocketing. This program expansion will include workouts for all types of subprime loans. The initiative is in partnership with consumer group ACORN - a very noisy advocacy group which has campaigned against Countrywide, Wells Fargo and others for predatory lending. From the release announcing the expansion of subprime loan modifications: Highlights of the agreement include: – A systematic approach to helping borrowers with subprime hybrid ARMs who have strong payment records but may f