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Wednesday, October 24, 2007

Countrywide wins over critics

October 24 2007
The company extends foreclosure-preventive assistance for almost all its hybrid ARM borrowers. Some of Countrywide's harshest critics changed their tune this week after the mortgage lender rolled out new rescue programs. Conrad Egan, President of the National Housing Conference, said the program "presents a strong model for how to preserve home ownership for at-risk families." Gail Cunningham, a spokeswoman for the National Foundation for Credit Counseling, said, "Any move that helps struggling consumers is a positive. If you're one of these people, it's significant. It can be a life-changing event." Bruce Marks of the Neighborhood Assistance Corporation of America, which has been one of Countrywide's most vocal critics, has now actually joined forces with the company. Marks sounds positively ecstatic about the joint-effort. "Countrywide is going to restructure loans for people with unaffordable loans to rates that people can afford to pay," Marks said.

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