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CNNMoney: ESOP saves a home

Good story.

But one thing it doesn’t mention is how a grassroots community organization got an agreement with Countrywide that enables a counselor to propose loan workouts in regular weekly conference calls. Here’s how.

This entry was posted on Thursday, November 22nd, 2007 at 6:13 am and is filed under Foreclosure crisis, Poor Cleveland. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “CNNMoney: ESOP saves a home”

  1. TimFerris Says:
    November 23rd, 2007 at 4:56 am

    Interesting story, especially the part about the forgiveness of the 2nd mortgage, and the cost figure of $50,000 per foreclosure.

    Another thing–how did the 2nd mortgage get there in the first place? How does anybody explain the upside-down combined loan-to-value ratio?

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