Hooray! California has inked a deal with four major loan servicing companies that would aid homeowners on brink of default by extending low, introductory interest rates on mortgages.
The agreement with Gov. Arnold Schwarzenegger includes Countrywide Financial Corp., GMAC Financial Services, Litton Loan Serving and HomEq Servicing.
At least one of the companies, Countrywide, had previously announced it would reach out to borrowers in danger of defaulting on payments, including modifying the terms of their loans. Countrywide, the nation's largest mortgage lender, has struggled amid rising defaults, forcing it to set aside millions to cover bad loans.
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