With thousands of troubled borrowers facing foreclosure, two mortgage industry competitors are putting aside some of their differences and joining forces. Countrywide Finance, announced it’s partnering with the Neighborhood Assistance Corporation of America (NACA), a gadfly/community advocacy group that has been its arch enemy for years. “A lot of people have been talking about saving people’s homes,” Bruce Marks, NACA’s CEO said. “Today, we have the solution that can act as a model for saving hundreds of thousands of people’s homes.” The initiative overlaps with the program announced on Tuesday by Countrywide (Charts, Fortune 500) where it would arrange refinancings, restructurings and rate reductions for adjustable rate mortgage (ARM) borrowers. But the partnership with NACA would apply to all the mortgage lender’s clients: prime and subprime, fixed and adjustable.

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