Countrywide to aid more mortgage borrowers

Countrywide Financial Corp, facing heavy pressure to help more homeowners, on Monday announced an expanded program to help people stay in their homes, even if they have fallen behind on subprime mortgage payments.

The largest U.S. mortgage lender teamed up with an advocacy group, the Association of Community Organizations for Reform Now, or ACORN, on the program.

Their efforts come as hundreds of thousands of borrowers nationwide face rising borrowing costs as interest rates on their adjustable-rate mortgages reset higher.

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- Posted: 2008-02-11 09:25:20

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