Industry NewsMortgage

Countrywide, ACORN partner for foreclosure prevention

Survey suggests lenders still playing catch up
Published on Feb 11, 2008

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by CareyBot

Countrywide Financial Corp. announced today it's partnering with the community group ACORN to engage in workouts with subprime borrowers -- even if they are already in default, and regardless of whether they have fixed- or adjustable-rate mortgages.

ACORN, or the Association of Community Organizations for Reform Now, held demonstrations outside of Countrywide offices last fall, complaining that its foreclosure prevention initiatives were inadequate.

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