allincorporate.com

With the big boom a few years ago of people purchasing their homes on variable rate mortgages there have been some recent problems. No one expected the interest rates to increase in such dramatic fashion and people are being threatened with the idea of losing their homes. Well, Countrywide Mortgage just announced that they may change the terms on $16 billion of adjustable-rate mortgages before the end of 2008 so borrowers won’t lose their homes to foreclosure. They are looking into refinancing approximately 52,000 customers who currently hold subprime loans into prime and government-backed loans. They will also be easing terms for another 30,000 who may fall behind or have already missed payments when their adjustable rates rise.