ARM CountryWide Reset Reversed!

[Account Closed]

Countrywide Financial, the top U.S. home lender, said today it’s working hard to keep struggling borrowers in their homes. So far this year, it has worked on 35,000 troubled mortgages, sometimes working out plans for missed payments or refinancing the loan.

Nearly half the time — 17,000 cases — it modified loan terms. It didn’t give many details on what constitutes a modification, but it typically involves cutting the interest rate or forgiving some debt. The lender’s goal is to do 25,000 modifications by year end.

“Our number one priority is to help borrowers stay in their homes,” said Steve Bailey, senior managing director of loan administration, in a statement. “Countrywide has the right tools, processes and staff to help homeowners avoid foreclosure.”