Think this is Countrywide’s first finest effort to stem the tide of foreclosures, and only about a year too late.
Still for a major piece of legislation to spur actual action 5 months later by the largest player in the market is fairly impressive. Only took an act of Congress and a giant new tax cut. Still, this is surely a good sign that the right bells are close to being rung in the financial system to move bank assets from broken institutions to the functioning and strong ones.
Take a peek at the July 28th entry in this blog, this is the end result. Finally . ..