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 December 08, 2007

President Strikes Mortgage Relief Deal
President George W. Bush has worked out a successful agreement with mortgage lenders to offer help to home owners in jeopardy of losing their homes due to rate adjustments of mortgages.
Highlights of the deal include:

Who qualifies: Home owners that hold subprime mortgages which reside in the residence covered by the mortgage.

Specific Time Frame: Loans must have been given between January 1, 2005 and July 31, of this year and have interest rates which will be reset between January 1, 2008 and July 31, 2010.

What the problem is: subprime mortgages are the root of the problem. Many of these loans were taken out with rates as low as 7%-8% and are scheduled to reset to rates as high as 11%. Increases of this amount could mean payment increases of up to $350 additional per month on the typical monthly payment of $1,200.

Length of the rate freeze: Interest rates would held for five years.

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