Countrywide Financial Corp., Calabasas, Calif., has reported that it provided workout options that helped over 80,000 borrowers keep their homes in 2007, up to 69% of which were loan modifications. Ninety percent of all workout efforts resulted in foreclosure prevention, Countrywide said. Besides modifications, the next most popular measures were long-term repayment plans, special forbearance, and partial claims. "Home retention efforts in the second half of the year increased 148% compared to the first six months, and we anticipate helping even a greater number of borrowers in 2008," said Steve Bailey, Countrywide's senior managing director of loan administration. Countrywide designed a $16 billion foreclosure prevention assistance initiative that was made possible through increased staff combined with outreach and investor support efforts, especially during the fourth quarter. The company can be found online at http://www.countrywide.com.
