Remember about a week or so ago I wrote about Countrywide being under a microscope. I felt it was owed to our readers to keep a watch on what is happening with Countrywide. Lo and behold as I was reading different stories regarding home ownership on Cnn.com today, I saw a story about Countrywide. I could not pass up the opportunity to share on current news.

Don't you think with a title that says, "Countrywide Financial expands scope of mortgage workout", I had to see what happened once they were placed in a bubble. Whether you have heard it before or not, sometimes people's lives have been placed under a microscope or a fish bowl which means that every can see what you are doing. Do your actions change or even how do you handle yourself when everyone is watching? We know that Countrywide has been somewhat on the hot seat lately.

Countrywide has decided to expand its program to help borrowers manage their mortgage payments regardless of the type of subprime loan they have or whether they have fallen behind on payment. From what I understood after I read this story, this initiative has been brokered with ACORN, adds borrowers of subprime, fixed-rate loans. I have to ask you did they ever have a choice? Could they have continued to have story after story about them being written.

Let me share this number with you that I saw and could not help but say, "Big Brother does need to be watching on this one." About 735,000 of the 9 million loans serviced by Countrywide fall into the subprime category, according to Michael Gross who is Countrywide's managing director for loan administration. 735,000 is a lot of people and that says to me those people need tons of assistance. What I did not see in this article is how many people are going to be helped by this sudden initiative.

Clearly there are people out there in situations that ending marriages, disrupting families and even more. One thing that we need to consider is there are probably going to be even more people falling into the subprime category. Obviously all of these loans have not readjusted.

I would have to wonder if I were in this position could I trust the new program that is being offered since I was placed in a less than optimal position before. I recommend they look at all of their options whether it is Countrywide or are there better options through FHA loans or even the FHA Secure program. Do your homework before you end up in another undesirable situation.

Dr. Taffy Wagner

Post from: FHA Mortgage Center Blog

When under a microscope, change takes place

Read more ... http://fhamortgagecenter.com/fha-blog/when-under-a-microscope-change-takes-place/.