$16 Billion Announced to Help Refinance Borrowers At-risk of Default.

Countrywide Financial Corporation today announced a comprehensive home preservation program to reach out to borrowers at-risk of default. Countrywide will launch an outbound calling initiative to refinance or modify up to $16 billion of Countrywide loans for borrowers who are facing an adjustable-rate mortgage reset through the end of 2008.

“Countrywide is committed to helping its customers sustain homeownership,” said David Sambol, President and Chief Operating Officer of Countrywide. “Unprecedented times call for unprecedented remedies. We are determined to assist borrowers who have the willingness and wherewithal to remain in their homes, but need a little help to do it.”

“Countrywide believes that none of our subprime borrowers that have demonstrated the ability to make payments should lose their home to foreclosure solely as a result of a rate reset,” said Sambol. “This is yet another step in our continuing effort to identify and improve existing programs that assist our customers.”

Countrywide encourages consumers who face an increase in their mortgage payment or fear falling behind on their payments for any reason to call the Countrywide home retention team at 800-669-6650.

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