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Foreclosure News

25k Loan Mods for Countrywide in 07

35,000 foreclosures prevented

September 24, 2007

By MortgageDaily.com staff

Countrywide Financial Corp. said today it expects to modify nearly 25,000 mortgages this year.

The Calabasas, Calif.-based mortgage banking goliath said so far this year it has completed over 17,000 modifications while 35,000 mortgages have been preserved so far this year utilizing methods including repayment plans, postponement of payments and modifications.

Countrywide earlier this month said foreclosures were 1.20 percent in August -- jumping from 1.04 percent the July and 0.48 percent in Aug. 2006.

"Countrywide has the right tools, processes and staff to help homeowners avoid foreclosure," Senior Managing Director Steve Bailey said in the statement.

Contrary to a report from Moody's Investors Service that said few subprime servicers have begun to make outbound telephone calls to borrowers who face resets, Countrywide said, "Countrywide personnel engaged in telephone outreach contact with delinquent borrowers are trained to assist customers in getting the help they need."

The lender says it has "2,700 highly-trained home retention specialists."

Non-profit foreclosure counseling groups, in addition to "direct outreach," are among Countrywide's arsenal of foreclosure mitigation tools.

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