profette_IHB
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<p><a href="http://www.nytimes.com/2008/03/30/washington/30mortgage.html">Plan to Help Homeowners Gains Steam</a></p>
<p>"Federal housing agencies are moving closer to a possible plan to help homeowners caught between rising interest rates on their mortgages and falling home prices that preclude selling or refinancing to pay off those debts, officials said Saturday.</p>
<p>The plan centers on so-called negative equity certificates. For such borrowers — whose debts exceed the resale value of their homes but who also had enough income to afford their payments before their mortgages reset to higher adjustable rates — government housing regulators would offer lenders a chance to refinance a new, smaller, federally insured mortgage. In exchange, a lender would receive a negative equity certificate entitling the holder to a payback if real estate recovers and the home is sold for a price greater than the original mortgage..." <em>NYT, 3/30</em></p>
<p>"Federal housing agencies are moving closer to a possible plan to help homeowners caught between rising interest rates on their mortgages and falling home prices that preclude selling or refinancing to pay off those debts, officials said Saturday.</p>
<p>The plan centers on so-called negative equity certificates. For such borrowers — whose debts exceed the resale value of their homes but who also had enough income to afford their payments before their mortgages reset to higher adjustable rates — government housing regulators would offer lenders a chance to refinance a new, smaller, federally insured mortgage. In exchange, a lender would receive a negative equity certificate entitling the holder to a payback if real estate recovers and the home is sold for a price greater than the original mortgage..." <em>NYT, 3/30</em></p>