In these desperate times, Countrywide Financial is willing to help borrowers with desperate measures. According to a recent Realtor Magazine article, Countrywide is offering to refinance up to $16 Billion in Adjustable Rate Mortgages. This move is meant to reach out to customers who are on time with payments but are about to face (or have recently encountered) adjustments to their interest rates. They are also planning to contact people who are behind because of rate hikes, and give them a little relief.
I really hope that this move will help the wounded mortgage industry, and help the hurting real estate market. I wish that more lenders were willing to take such steps to help thier clients.