There are 1.8 million, yes that is 1.8 million, subprime mortgages that are scheduled to reset to higher rates this year and in 2009. With trouble we could see more foreclosures and to buy one stop by this site TracForeclosures.com and some really interesting news and foreclosure aritcles.
Treasury Secretary Henry Paulson said Tuesday the administration was exploring what would be a significant expansion of the program to help at-risk mortgage holders.
The administration was involved in discussions with the mortgage industry to expand a current program to freeze adjustable rate mortgages for five years to include borrowers of loans at prime rates. Currently, the rate freeze only covers a much smaller segment of adjustable rate loans, those made to subprime borrowers.
Those are borrowers with weak credit histories must provide any details on when this expansion might go forward. Another great foreclosure site is Foreclosure.com
The HOPE NOW alliance is a coalition of mortgage industry companies which are seeking to reach at-risk borrowers to help them avoid foreclosures. The administration last month unveiled its most significant move to date to deal with the mortgage crisis when it brokered an agreement with the mortgage industry.
The effort to freeze rates on certain subprime mortgages for five years in an effort to help homeowners in danger of losing their vacant homes when their lower introductory rates reset to sharply higher levels in the coming two years. There are 1.8 million subprime mortgages that are scheduled to reset to higher rates this year alone and in 2009.
More on this story here Mortgage Meltdown Rate Down.
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