Countrywide to help bailout some of its clients

In an article on CNN Money I read that Countrywide will be helping out about 82,000 hybrid ARM borrowers. This seems like a better solution than the government stepping in and regulating the industry. And, I believe that sometimes it’s better for you to see the error in your ways and make adjustments and adapt. I feel that Countrywide has seen their mistakes and a step in the right direction. Even if it does not include all borrowers that are in trouble, it does intend to help out many distressed borrowers. And this is good for Countrywide, their clients and for our industry as a whole. Countrywide saves face and helps out many borrowers by not waiting for the Feds to step in and regulate the industry. However, I understand that business is business and that Countrywide is not only doing this to help out borrowers, but, also to make sure they don't suffer any larger losses. In turn, this will make sure the market does not suffer along with Countrywide and their clients. Companies that size, and with that many borrowers, can have a huge impact our industry. And even if this is a small step, it’s good to see that the company made any changes. They could have just sat by and let the chips fall where they may. If they did nothing, almost 82,000 people might default on their mortgages and possibly lose their homes in foreclosures. Thus bringing down home values and hurting the market further than it is now. The lending industry might then make rules for borrowers more strict and making it harder for buyers to qualify. And that would mean less buyers for us to work with, or, to buy homes thus, helping to reduce large inventories in most cities. I know that not everyone will agree with me that this is a good thing. However, I do believe it is a good thing and it is a good place to start. I also know that Countrywide and the lending industry still has critics who do not think this will help. I read in the article that the critics call this move a set of "baby steps". If that is true, you have learn to crawl before your walk. I would like to hear from anyone who has an opinion on this subject. Please feel free to read the article with the supplied link, and leave a comment. http://money.cnn.com/2007/10/24/real_estate/Countrywide_plan_wins_support/index.htm?postversion=2007102413