Countrywide and ACORN Partner For Foreclosure Prevention
Countrywide Financial Corporation and the Association of Community
Organizations for Reform Now (ACORN), have reached an agreement that will
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 (”ARMS”) 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. In these ways, the initiative broadens the approaches of
Countrywide’s previously announced $16 billion home retention initiative,
and the industry-backed HOPE NOW(R) alliance program.