Countrywide Financial Corp., based in Calabasas, Calif., and the Association of Community Organizations for Reform Now (ACORN), have reached an agreement that is intended to further enhance the process for helping borrowers who are delinquent on their subprime loan payments find home-retention solutions and avoid foreclosure.
Countrywide and ACORN have partnered to formalize workout programs for borrowers with all types of subprime loans, not just hybrid adjustable-rate mortgages with pending rate resets. Further, the agreement addresses home-retention options and procedures for borrowers in various stages of mortgage delinquency, not just borrowers who are current in their payments.
According to Countrywide and ACORN, the initiative broadens the approaches of the company's previously announced $16 billion home-retention initiative and the industry-backed HOPE NOW alliance program.
