Countrywide says deal with ACORN is near

Less than two weeks after agreeing to negotiate a mortgage delinquency workout partnership with Cleveland’s ESOP, the nation’s biggest subprime lender has announced that it’s pursuing a similar relationship on a national basis with ACORN.

Countrywide Mortgage issued a press release Friday about the ACORN negotiation.  It’s the subject of an Inman story this morning.

Countrywide and the Association of Community Organizations for Reform Now (ACORN) “anticipate final release of the groundbreaking provisions of the home retention initiative soon after the new year,” Countrywide said…

ACORN spokesman Charles Jackson told Inman News that moving borrowers into fixed-rate loans will be one of the main points of the initiative now being developed.


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