Under the latest plan, borrowers with subprime hybrid adjustable-rate mortgages, which typically were issued with a low "teaser" interest rate and then adjust higher after two or three years, could be offered the option of refinancing into a lower prime rate loan, or have their initial interest rate frozen for five years.

We'll see if Countrywide has the cojones to do anything besides repayment plans, which make up 3/4ths of the "workouts" so far.

Comments: Be the first to add a comment

add a comment | go to forum thread