Call on Countrywide to help all subprime borrowers whose adjustable rates have reset!
Countrywide recently agreed to refinance $16 billion of adjustable-rate mortgages. (Citation) This workout effort will help approximately 80,000 of their borrowers, but only about 10,000 of the borrowers being offered help are subprime borrowers who are currently in default on their loans as a result of a rate reset in the past few months. These 10,000 borrowers' loans total $2.2 billion dollars.
But over the past three years, Countrywide has issued over $120 billion in subprime loans. (Citation)
Now, Countrywide has implemented an aggressive business plan to attract deposits at its financial centers and banks. But contributing to Countrywide's deposit base will potentially help them issue more controversial loans. Tell Countrywide that you won't deposit until it ensures that all subprime borrowers with interest rates that have reset in 2006 or 2007 can keep their homes!