Tuesday, October 23, 2007



Countrywide plans to offer new mortgages to 52,000 subprime borrowers with $10 billion of home loans. It also plans to modify $4 billion of loans for 20,000 prime and subprime borrowers who cannot refinance, and $2.2 billion of mortgages for 10,000 subprime borrowers who are already delinquent.

"Unprecedented times call for unprecedented remedies," Chief Operating Officer David Sambol said in a statement. "We are determined to assist borrowers who have the willingness and wherewithal to remain in their homes, but need a little help."

Obviously the details matter and I haven't seen them yet, but this could be one of those win win things. Or it could be one last chance for Countrywide to screw people. We'll see.