Countrywide and ACORN announce home retention partnershipMortgagePress.comsub-prime borrowers, foreclosure, rate reset
Corporation and the Association
of Community Organizations for Reform Now (ACORN) have
announced a joint initiative to develop a blueprint for home
retention programs, with a particular focus on sub-prime
"Countrywide and ACORN share the belief that sub-prime borrowers
who have demonstrated the ability and willingness to make payments
should not face foreclosure solely as the result of a rate reset,"
said Maude Hurd, national president of ACORN. Countrywide and ACORN
anticipate the final release of the groundbreaking provisions of
the home retention initiative at the beginning of 2008. Both
parties believe that the plan will provide the framework and
positive benefits to sub-prime borrowers experiencing financial
difficulties in this challenging environment.
For more information, visit www.countrywide.com or www.acorn.org.