It’s a little late isn’t it? I already know about a dozen people who have lost their homes because Countrywide wouldn’t talk to them, let alone work with them.

Countrywide Financial Corp (CFC.N), the largest U.S. mortgage lender, on Tuesday offered to refinance or restructure up to $16 billion of adjustable-rate mortgages through the end of 2008.

The lender said its program may help about 82,000 borrowers who face higher payments stay in their homes.

It announced the program as pressure mounts on the mortgage industry from politicians and consumer groups worried about rising foreclosures to clean up lending excesses, and make only home loans that consumers can afford in the first place.

Countrywide plans to offer new mortgages to 52,000 subprime borrowers with $10 billion of home loans. It also plans to modify $4 billion of loans for 20,000 prime and subprime borrowers who cannot refinance, and $2.2 billion of mortgages for 10,000 subprime borrowers who are already delinquent.

Some will say “better late than never”, but in this case, it’s “too little, too late”.

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