Countrywide to Refinance Up to $16 Billion of Loans
The so called bubble is wrought with blame.
From Greenspan to Realtors, certainly everyone can pick up a piece of the blame.
However, I have always maintained that the blame has to fall mostly on the lender and borower. To blame the Realtor is like blaming McDonald's for being obese. You go to a saleman to get sold.
I maintained that the best alternative had to be the holders of the notes to refinance the burden.
Countrywide Financial Corp., the biggest U.S. mortgage lender, will make it easier for customers to keep their homes by changing the terms on $16 billion of adjustable-rate mortgages.
About 52,000 customers with subprime loans can refinance into prime or government-backed mortgages through next year, the Calabasas, California-based company said today in a statement. Such loans usually have lower rates. Another 30,000 who may miss payments, or are already late, will get more affordable terms
Washington Mutual Inc., the biggest U.S. savings and loan, and EMC Mortgage have set up "work out lending units help homeowners avoid foreclosure earlier in the year. However, experts warn that the modification of loans from ealier in the year represent only 1% of U.S. subprimes.So hopefully the Cuntrywide refi's can help and motivate other institutions to follow.
I was going to get a high interest rate bank account with country wide (they have one of the highest at over 5%), but i was told that it might not be a good time to do so. I think ill wait
Posted by: garrett | November 4, 2007 at 03:17 PM