One way is by refinancing an existing loan into a new private mortgage. Another is by moving their mortgage into a loan secured by the Federal Housing Administration. And the third way is by freezing their current interest rate for five years.
The goal is to help families keep their homes -- and help avoid further injury to the already weak housing market. Lenders generally do not want to be in the business of selling houses reclaimed through foreclosure.
The White House says as many as one million two hundred thousand homeowners could receive assistance under the plan. They could be helped in one of three ways, depending on their situation.
And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.
This is the VOA Special English Economics Report.
Last week, President Bush announced a plan to help some people with subprime loan troubles. Treasury Secretary Henry Paulson brought together a new private alliance called HOPE NOW. He and other government officials met with lenders, loan servicers, investors and others to work out terms of the plan.
But a broker who finds lenders for homebuyers offers you a deal. A loan with payments low enough to fit your budget. After two or three years, however, your payments will go up, possibly thirty percent or more. Do you accept?
没有评论:
发表评论