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 October 24, 2007

Countrywide Intends to refinance $19 Billion in ARMs
The nation's biggest mortgage lender, Countrywide Financial Corporation intends to offer to refinance up to $16 billion worth of adjustable-rate mortgages.
In response to recent pressure from both legislative and consumer groups to clean up lending practices; Countrywide announced the program this week.

The company stated that it would be contacting borrowers who currently face an imminent rate increase on their ARMs to discuss refinancing options. Countrywide stated it would refinance approximately $10 billion in existing loans and intends to modify an additional $ billion. It also intends to contact borrowers of approximately $2.2 billion who are currently late on their loan payments and are having difficulty due to recent rate increases.

David Sambol, Chief Operating Officer for the company stated that Unprecedented times call for unprecedented remedies. He stated that the company is willing to assist borrowers who have a wiliness to stay in their homes.

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