Thru implementation of loss mitigation initiatives, Countrywide reports they saved 80,000 borrowers from foreclosure. Fully 69% of the company's efforts to save borrowers were thru loan mods.
“Countrywide is proud of the progress made toward helping our customers sustain homeownership,” said Steve Bailey, senior managing director, Loan Administration at Countrywide. “Home retention efforts in the second half of the year increased 148-percent compared to the first six months, and we anticipate helping even a greater number of borrowers in 2008.”
Countrywide has partnered with some of the nation's largest home retention programs—the Homeownership Preservation Foundation, the HOPE NOW Alliance, the Neighborhood Assistance Corporation of America, the Association of Community Organizations for Reform Now, and the California Reinvestment Coalition.
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