Refi Assistant for low-income homeowners
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Daily Real Estate News | April 12, 2007$1 Billion Pledged to Help Fend Off Foreclosures
Neighborhood Assistance Corporation of America says it will offer $1 billion in refinancing assistance to lower-income home owners struggling with subprime mortgage payments.
Citigroup and Bank of America, which have lent money for years to borrowers screened by NACA, will provide the financing for the mortgage assistance initiative.
"If we put people in the front door and they're being forced out the back door, then we're not stabilizing neighborhoods, which is part of our mission," says Bruce Marks, chief executive of the Boston-based housing advocacy group.
Home owners continue to struggle with making payments on their mortgages, and the most recent survey from the Mortgage Bankers Association indicates that more than 13 percent of subprime mortgages were at least 30 days delinquent.
Source: Washington Post, Dina ElBoghdady, Nell Henderson (04/12/07)