Countrywide Financial said it would offer refinancing options to borrowers with $16 billion in loans who are facing an adjustable-rate mortgage reset through the end of 2008. "Countrywide believes that none of our subprime borrowers that have demonstrated the ability to make payments should lose their home to foreclosure solely as a result of a rate reset," the company said. A special refinance unit has been created to contact approximately 52,000 borrowers to offer refinance options. The company has identified and will work to refinance approximately $10 billion of mortgages. For this group, Countrywide will offer borrowers options to refinance into prime or FHA loans. http://www.marketwatch.com/news/sto...CB-CDBA-4CCD-BC64-CDC4A06AF92D}&dist=hplatest Some good news for subprime borrwowers
The problem with this is, many of these borrowers went the sub prime route because they couldn't qualify for a prime/FHA loan to begin with. Nice PR, though.