Countrywide, ACORN partner for foreclosure prevention

Survey suggests lenders still playing catch up

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.