From the Lexington Herald Leader 10-24-07
Countrywide Financial Corp., the nation’s largest mortgage lender, said yesterday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rate is set to adjust by the end of 2008. Countrywide said it would reach out to discus options with borrowers who are current on their loans but are facing an imminent rate reset. Countrywide said it would refinance about $10 billion in loans and modify and additional $4 billion. It also plans to contact borrowers of some $2.2 billion who are late on their loans and having trouble paying because of a recent rate reset.
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