Countrywide's efforts to help homeowners avoid foreclosure are insufficient, critics say.

October 11 2007 Money.CNN.com As the nation's largest home lender and subprime debt collector, Countrywide has been the No. 1 whipping post of the mortgage crisis. Many consumer advocates say that Countrywide's "loan workouts" with troubled subprime borrowers are insufficient in number and substance. Countrywide, in a detailed response to CNNMoney.com, disagrees. In Countrywide's capacity as a mortgage servicer, it collects mortgage payments, handles defaults and foreclosures, and works out deals with delinquent borrowers. Such workouts can include lowering the interest rate on a loan or spreading out past-due loan payments over the life of the loan. Countrywide recently reported that it has completed 35,000 workouts this year, a number that George Goehl, executive director of The National Training Information Center (NTIC) called "a drop in the bucket" when compared with the hundreds of thousands of borrowers who are delinquent.

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