Countrywide already revised more than 17,000 home loans this year, and provided assistance on about 35,000 mortgages, including through repayment plans, postponements of payments and re-financings.
Modifying loans can help Countrywide limit foreclosure actions, which can be costly.
The congressional Joint Economic Committee, chaired by Democratic Sen. Charles Schumer of New York, in April said a typical foreclosure can result in up to $80,000 of losses for the homeowner, lender, local government and neighbors whose homes fall in value. Preventing a foreclosure costs $3,300, it said.
Countrywide has overhauled its lending practices to focus on smaller, safer loans that mortgage companies Fannie Mae and Freddie Mac will buy. The company's shares have fallen by more than half this year as it struggled with rising foreclosures and investors' refusal to buy many loans it makes.
Countrywide's rate of pending foreclosures as a percentage of unpaid principal rose to 1.2% in August from 0.48% a year earlier. Write-downs could result in a $2.4 billion third-quarter loss, Morgan Stanley analyst Kenneth Posner has estimated.
Countrywide, which services $1.45 trillion of home loans, said one in five borrowers are unreachable during the foreclosure process.