http://www.bloomberg.com/apps/news?pid=20601087&sid=agNUe.4oR6mc&refer=worldwide
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| Oct. 23 (Bloomberg) -- 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 |
This is a drop in the bucket, look at the numbers
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| ``Countrywide's announcement to modify some loans is a welcome, if late, decision,'' Senate Banking Committee Chairman Chris Dodd said in a statement. ``However, this problem reaches far beyond the 82,000 borrowers they have agreed to assist.'' About 100,000 U.S. subprime mortgages per month will reset to higher rates for the first time during the next two years, according to analysts at UBS AG. |
Thank You! Mrs Tavakoli, the truth shall set us free
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Countrywide's program shifts shaky loans to the public sector by transferring mortgages to government-backed lenders such as Fannie Mae and Freddie Mac, said Janet Tavakoli, president of Tavakoli Structured Finance Inc., a Chicago consulting firm. ``I don't see why Fannie and Freddie are bailing out Countrywide, which needs to own up to the magnitude of the problem,'' Tavakoli said. ``None of us wants to see disaster in the housing market, but these losses should be pushed back to investors and those who are holding the mortgages.'' |
If we stole like this on a local level, the boys would come calling with a warrant
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Jeff Tumbarello
H. G. Wells - "Human history becomes more and more a race between education and catastrophe."
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