- Borrowers Facing Challenges Urged to Contact Countrywide's Home Retention
Team -
CALABASAS, Calif., Sept. 24 /PRNewswire-FirstCall/ -- In its ongoing
effort to curb foreclosures, Countrywide Financial Corporation (NYSE: CFC)
is actively working with borrowers who are experiencing financial
challenges. Utilizing various methods to help homeowners, including loan
modifications, repayment plans, postponement of payments and refinancing,
Countrywide has provided homeownership preservation assistance on
approximately 35,000 mortgages so far this year.
As part of this effort, Countrywide has completed more than 17,000 loan
modifications and is on target to complete nearly 25,000 in 2007. Loan
modifications involve changes in one or more of the loan terms that bring a
defaulted loan current and provide sustainable affordability.
"Our number one priority is to help borrowers stay in their homes,"
said Steve Bailey, Senior Managing Director of Loan Administration.
"Countrywide has the right tools, processes and staff to help homeowners
avoid foreclosure."
A significant barrier to helping homeowners is getting them connected
with a Countrywide representative. Countrywide personnel engaged in
telephone outreach contact with delinquent borrowers are trained to assist
customers in getting the help they need. Twenty percent of borrowers never
make contact with the company during their foreclosure process.
In addition to direct outreach, Countrywide's efforts include working
with non-profit and community groups across the country to create
grassroots efforts to contact and counsel distressed borrowers,
particularly in communities that are experiencing unusually high
foreclosures.
"There is an unprecedented effort among lenders, investors, community
groups and the industry to work together to help homeowners," said Bailey.
"No one benefits from foreclosure, and counseling and intermediary support
from these groups can be fundamental to the success of our borrowers."
Countrywide encourages consumers who face an increase in their mortgage
payment or fear falling behind on their payments for any reason to call the
Countrywide home retention team at 800-669-6650.
Additional foreclosure prevention tools and resources are available on
Countrywide's H.O.M.E. (Home Ownership Mortgage Education) Web site at
http://www.HomeByCountrywide.com.
These efforts are part of Countrywide's comprehensive homeownership
preservation program, which consists of 2,700 highly-trained home retention
specialists. Countrywide reaches out to distressed homeowners in their own
communities by setting up face-to-face meetings through various means;
hosting seminars around the country to help borrowers avoid foreclosure;
participating in foreclosure prevention workshops, teaching them about
possible foreclosure scams; and offering loan workouts on-site.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation is a diversified
financial services provider and a member of the S&P 500, Forbes 2000 and
Fortune 500. Through its family of companies, Countrywide originates,
purchases, securitizes, sells, and services residential and commercial
loans; provides loan closing services such as credit reports, appraisals
and flood determinations; offers banking services which include depository
and home loan products; conducts fixed income securities underwriting and
trading activities; provides property, life and casualty insurance; and
manages a captive mortgage reinsurance company. For more information about
the Company, visit Countrywide's website at http://www.countrywide.com.
SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
http://www.HomeByCountrywide.com
CONTACT:
Jumana Bauwens of Countrywide Financial
Corporation, +1-818-427-2862, Jumana_Bauwens@countrywide.com
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