Countrywide Financial Corp. has teamed up with one of its most relentless critics to launch a new program intended to help thousands of borrowers restructure their loans and save their homes.

Countrywide, which announced the bailout program at a press conference on Wednesday in Washington, D.C., is joining the Massachusetts-based Neighborhood Assistance Corporation of America to restructure roughly $21 billion in outstanding loans.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.