Senate passes FHA Modernization Act

Countrywide and ACORN announce home retention partnershipMortgagePress.comsub-prime borrowers, foreclosure, rate reset Countrywide Financial 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 borrowers. "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.