ACORN, Countrywide Reach Deal on Retention

Countrywide Financial Corp., Calabasas, Calif., and a consumer advocacy group, the Association of Community Organizations for Reform Now, have reached a deal to help delinquent subprime borrowers retain their homes and avoid foreclosure. Countrywide and ACORN are formalizing workout programs for all types of subprime loans, not just hybrid adjustable-rate mortgages. The agreement also extends to borrowers in all stages of delinquency, reaching borrowers not covered by Countrywide's previous $16 billion home retention initiative or by the Hope Now alliance program. "Countrywide is eager to work with borrowers, whether they are facing rate resets or some other type of financial difficulty," said Michael Gross, managing director of loan administration for Countrywide. The company can be found online at http://www.countrywide.com.