LOS ANGELES (AP) -- Countrywide Financial says it will expand programs to help borrowers manage their mortgage payments regardless of the type of subprime loan they have or whether they have already fallen behind on payments.

The mortgage lender is already trying to manage payment plans for adjustable rate subprime borrowers. The latest initiative, brokered with the Association of Community Organizations for Reform Now, or ACORN, adds fixed-rate subprime borrowers.

Countrywide has not specified how many more borrowers the plan would help, but according to data from trade group, the Mortgage Bankers Association, fixed-rate borrowers account for nearly half of all subprime loans in the nation.

The company said it will also offer reduced interest rates for some fixed-rate borrowers, a major expansion of its previous modification efforts, which focused on freezing rates for adjustable rate mortgage borrowers facing rate increases.

"Through this partnership, Countrywide and ACORN have agreed to a set of home retention standards to help borrowers who are in various situations of financial difficulty to establish suitable repayment plans or other solutions," Steve Bailey, Countrywide's senior managing director of loan administration, said in a prepared statement.

Under the latest plan, borrowers with subprime hybrid adjustable-rate mortgages, which typically were issued with a low "teaser" interest rate and then adjust higher after two or three years, could be offered the option of refinancing into a lower prime rate loan, or have their initial interest rate frozen for five years.

Homeowners with fixed-rate subprime loans who have fallen behind on payments could be offered short-term repayment plans or other adjustments, including adding their overdue balances to their principal loan amount.

Full details of the initiative, the result of a pact with a national community advocacy group, were to be disclosed Monday. Initial plans to disclose the deal were postponed last month after Countrywide agreed to be acquired by Bank of America (BAC, Fortune 500) for $4.1 billion in stock.

Countrywide (CFC, Fortune 500), the nation's largest mortgage lender and home loan servicer, has sought to address the growing number of defaults on its books by modifying loan terms, working out long-term repayment plans and other actions. The company said last month it helped more than 81,000 borrowers keep their mortgage payments manageable in 2007.

The company also was among the lenders who agreed to a Bush administration-proposed agreement to freeze rates on some subprime mortgages for five years.

Those efforts focused on borrowers with adjustable rate mortgages that were still being paid but set to adjust to higher monthly payments.

Some 6.96% of the 9 million loans in Countrywide's servicing portfolio were delinquent as of Dec. 31, up from 5.02% in December 2006.

About 1.04% of the mortgage loans, or 93,961, were pending foreclosure, up from 0.65%.

Despite the efforts to modify loans for some borrowers, some consumer groups argue the mortgage industry hasn't done enough, noting many borrowers continue to fall behind on payments.

Maude Hurd, national president of ACORN, however, praised Countrywide's latest initiative.

"We hope others in the mortgage servicing industry will adopt similar practices," Hurd said in a statement. 

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