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ACORN Pushing Servicers to Extend Loss Mitigation.
Calabasas -- Countrywide Financial Corporation and a consumer advocacy group, the Association of Community Organizations for Reform Now, have reached a deal to extend their efforts to help delinquent, subprime borrowers retain their homes.
In a conference call with reporters, ACORN President Maude Hurd and Chief Organizer Wade Rathke said they hope the Countrywide deal will spur other servicers to take a similar approach.
Countrywide and ACORN are formalizing workout programs for all types of subprime loans, not just hybrid, adjustable-rate mortgages. Countrywide's previous, $16 billion home retention initiative largely focused on borrowers with hybrid adjustable-rate mortgages who are current on their payments but face a potentially onerous resets.
The agreement also extends to borrowers that are at all stages of delinquency, reaching borrowers not covered by Countrywide's previous retention initiative or by the Hope Now alliance program. Michael Gross, managing director of loan administration for Countrywide, said the company is eager to work with subprime borrowers at all stages of delinquency to improve home retention due to rate resets or other financial difficulties.
The agreement provides a systematic approach to help borrowers with subprime hybrid ARMs. This ...
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Source: HighBeam Research, ACORN Pushing Servicers to Extend Loss Mitigation.