Released: October 23, 2007

Largest lender to redo $16B in loans

Source: Noelle Knox, USA Today

Countrywide Financial plans to announce Tuesday that it will restructure or refinance $16 billion in adjustable-rate mortgages that have recently reset to higher rates or will reset by the end of next year, stretching some homeowners to the breaking point.

Its plan comes as the mortgage industry tries to head off mounting political and public pressure and an alarming foreclosure rate.

Countrywide, (CFC) the nation’s largest mortgage lender, says its program will help about 82,000 borrowers, mainly those with “subprime” credit.

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