Countrywide to Refinance $16 Billion in ARMs

Countrywide Financial Corp., the nation’s largest mortgage lender, is offering to refinance up to $16 billion of adjustable-rate mortgages. The lender announced the program today as pressure mounts from legislative and consumer groups to clean up lending practices. Countrywide said it would reach out to borrowers who are current on their loans but are facing an imminent rate reset to discuss options. Countrywide said it would refinance about $10 billion in loans and modify another $4 billion. It also plans to contact borrowers of some $2.2 billion who are late on their loans and are having trouble paying because of a recent rate reset.

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