What the Mortgage Deal Does and Doesn't Accomplish
SOURCE: NPR
According to NPR, the subprime mortgages interest rate is now looking at a freeze for up to five years.
President Bust announced Thursday a deal made with the mortgage industry to help subprime mortgage holders. The program will make it possible for lenders to "freeze" certain mortgage rates that are scheduled to be reset between January 1st, 2008 - July 31st, 2010 and will last for five years.
The plan covers loans taken out between January 1st, 2005 - July 30th, 2007 and targets borrowers who have not gotten behind in their mortgages, but face a reset of their rates, which may put them into default.
It excludes real estate investors, speculators or borrowers whose mortgages have already been reset to higher interest rates, people who are behind in their mortgages and people who are deemed by their lenders able to afford a reset.
Read full report »
According to NPR, the subprime mortgages interest rate is now looking at a freeze for up to five years.
President Bust announced Thursday a deal made with the mortgage industry to help subprime mortgage holders. The program will make it possible for lenders to "freeze" certain mortgage rates that are scheduled to be reset between January 1st, 2008 - July 31st, 2010 and will last for five years.
The plan covers loans taken out between January 1st, 2005 - July 30th, 2007 and targets borrowers who have not gotten behind in their mortgages, but face a reset of their rates, which may put them into default.
It excludes real estate investors, speculators or borrowers whose mortgages have already been reset to higher interest rates, people who are behind in their mortgages and people who are deemed by their lenders able to afford a reset.
Read full report »
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