Countrywide Leaving ARM Loans at Lower Rates

Countrywide is stepping up and taking an even larger roll in the mortgage scene. They plan to announce today that they will be restructuring many of the troublesome loans in their portfolio. Many of those defaulting will receive letters stating that the interest rate, which has converted to a variable rate, will be changed back to the previous rate so that families aren't stretched too thin.

Some $2.2 billion in loans will be affected by the end of the year across 10,000 loans. As a company they feel the need to step up and aid a struggling industry.