The Real Skinny on the Subprime Freeze Plan: Who’s Left Out
December 12th, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
Just came across this article from CNN:Money.com that helps to explain the subprime freeze plan on interest rates – it looks like the majority of the people out there in this situation may not qualify for the assistance they so desperately need.
Your buyers are sure to appreciate this insight
The new foreclosure prevention program may leave out most distressed subprime borrowers.
By Les Christie, CNNMoney.com staff writer December 11 2007: 2:51 PM EST
NEW YORK (CNNMoney.com) — Distressed borrowers looking for relief from the recently announced White House foreclosure prevention plan may be in for a disappointment.
In announcing the administration’s plan, which includes a five-year freeze on interest rate hikes for some subprime borrowers with adjustable-rate mortgages (ARMs), the White House estimated it would offer relief to 1.2 million families out of the 1.8 million facing higher interest rates. The initiative comes at a time of record high foreclosure rates.
But there are very strict limitations.
Link to Full Story “Subprime Freeze Plan: Who’s Left Out“
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