CFC has 13,326 homes for sale, with an asking price of $2.8 billion. Now that they are getting stuck with billions of dollars in homes, and their CEO is under investigation for stock sales, CFC has "decided" to become proactive, and to change the loan terms, for anyone with an ARM that resets in 2008 provided they have a strong payment history. It's called their "home preservation" program. Looks like they learned from Citigroup. Keep the assets off the balance sheet, until pricing improves. Which they will, with a jumpstart from the Fed.Tuesday, October 23, 2007
Countrywide's SIV
CFC has 13,326 homes for sale, with an asking price of $2.8 billion. Now that they are getting stuck with billions of dollars in homes, and their CEO is under investigation for stock sales, CFC has "decided" to become proactive, and to change the loan terms, for anyone with an ARM that resets in 2008 provided they have a strong payment history. It's called their "home preservation" program. Looks like they learned from Citigroup. Keep the assets off the balance sheet, until pricing improves. Which they will, with a jumpstart from the Fed.
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