Good story in Wall Street Journal about the slow use of various state home loan sub prime refinancing programs is HERE.
Story says loans closed in any state so far is small: Maryland,18, NY, 17; Ohio,37.
Program allowing mortgage revenue bonds to be used for refinancing, part of currently debated Senate housing bill, could offer some modest help by reducing interest on refinancing loans. Real problem however made be credit worthiness of borrowers who have fallen behind on payments of their existing loans and of course, amount of underlying loan vs. current market value of property.
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