USA Today (06/18/08); Knox, Noelle
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. About 52,000 borrowers are expected to qualify for a new loan, about 20,000 facing an upcoming rate increase will be able to modify their loan, and another 10,000 who have defaulted due to a reset in recent months will also have an opportunity to modify their loan.
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