Monday, October 06, 2008
Countrywide is going to do workouts. Finally.
Finally, Countrywide is going to help some of its mortgage holders modify problematic mortgages. Read the L.A. Times story here. This is something that they should have been doing, not just pretending to do, a year ago. And of course, it took legal action, in the form of California Attorney General Jerry Brown, to get Countrywide/BofA serious about doing this. This will be too late for some people who are in deep financial trouble, of course, but in California alone, there are apparently over 125,000 Countrywide mortgages that may be able to be modified in order to keep people a) in their homes and b) making their loan payments.