No this is not a new exercise program. Not sure who coined the term "workouts" but in any case this is the term Countrywide is using to describe their subprime loan restructuring efforts.
LONDON (MarketWatch) By Steve Goldstein -- Countrywide Financial Countrywide Financial Corp said it's expanding a program to help subprime borrowers avoid foreclosure. Working with the Association of Community Organizations for Reform Now, it said it will formalize workout programs for borrowers with all types of subprime loans, not just hybrid adjustable rate mortgages with pending rate resets. Further, the agreement addresses home retention options and procedures for borrowers in various stages of mortgage delinquency, not just borrowers who are current in their payments.
This program sounds good, but the proof is in the pudding. I like that it's addressing all types of subprime loans and not just ARMS. From my perspective this is definitely not just an ARM problem. ARMS have gotten a bad rap and have been publicized as the main culprit. Undoubtedly they are a piece to the puzzle but not the whole problem.
Workouts For Subprime Customers
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