Countrywide is one of the first lenders that Homeowner Rescue Alliance pursued during its Strength In Numbers campaign. At workshops, their homeowners out number other lenders 3 to 1. Countrywide has the nation's largest servicing portfolio, with over 9 Million mortgages and they were also the nation's largest mortgage originator before Bank of America acquired them. Even though Bank of America purchased Countrywide, they still answer the phone and send out mortgage statements in their own name. As with any acquired financial institution, they're going through a massive restructuring and this can be frustrating for homeowners trying to get their loan modified.
Countrywide has been the poster child of the mortgage debacle and they've been a major litigation target. As of a result of their acquisition, Bank of America was forced to settle with attorneys general representing 11 states for $8.6 billion because of the subprime and adjustable rate mortgages that Countrywide originated and serviced.
As a result of that settlement they launched the National Homeownership Retention program with a mission of helping of helping over 400,000 borrowers. This program started December 1, 2008 and HRA has been instrument in helping homeowners qualify for this program. For more info on Countrywide, click on the links below:
