Countrywide ( CFC) is introducing a program designed to help homeowners who are at risk of defaulting on their mortgages, saying it will offer to refinance or modify up to $16 billion of loans. The program will apply to borrowers who are facing an adjustable-rate mortgage reset by the end of 2008. For Countrywide borrowers who are currently in a subprime loan with a strong payment history, a new unit has been created to offer refinancing options. About 52,000 borrowers fall into this category. The lender is also working to identify and contact prime and subprime borrowers who are current but unable to qualify for refinancing and who are likely to have difficulty affording an upcoming reset. Additionally, for subprime borrowers who are now delinquent and experiencing financial difficulties because of a reset, Countrywide has implemented a loan-modification process. In total, more than 80,000 borrowers could be given the chance to refinance or modify their debt.