Countrywide financial's 16 billion dollar plan has many wondering if this will help ease some people from the edge of foreclosure. I personal think this will be great for home owners, however for the stock owners this is not the best of news.
Countrywide wins over critics
The company extends foreclosure-preventive assistance for almost all its hybrid ARM borrowers.
NEW YORK (CNNMoney.com) -- Some of Countrywide's harshest critics changed their tune this week after the mortgage lender rolled out new rescue programs.
Conrad Egan, President of the National Housing Conference, said the program "presents a strong model for how to preserve home ownership for at-risk families."
Gail Cunningham, a spokeswoman for the National Foundation for Credit Counseling, said, "Any move that helps struggling consumers is a positive. If you're one of these people, it's significant. It can be a life-changing event."
Bruce Marks of the Neighborhood Assistance Corporation of America, which has been one of Countrywide's most vocal critics, has now actually joined forces with the company.
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