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Consumer Law

: Caveat Emptor

Bailout?s dry run for troubled borrowers?

By Sam Glover

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“The FDIC centers its approach on reducing monthly payments (principal, interest, taxes and insurance) to 38 percent of household income. It works with the first mortgage and with people who are delinquent or approaching a higher interest rate. It’s not charging fees or late charges. On average, borrowers with modified loans are saving $430 a month, [...]

Full post as published by Caveat Emptor on September 25, 2008 (boomark / email).

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