A new type of affordable 15-year mortgage aimed at moderate-income and flawed credit borrowers is getting a tryout by Bank of America and Citigroup.
$25B Settlement May Offer Little Help
Only 5 percent of underwater homeowners are likely to qualify for mortgage principal reductions under the recent $25 billion foreclosure abuses settlement, an economist with the Brookings Institution has calculated.
Those 500,000 homeowners would see principal reductions averaging $20,000 each, based on the $10 billion of the settlement set aside for that purpose, according to recently published estimates by Ted Gayer, co-director of economics studies for the Brookings Institution. Even so, Gayer estimates that would eliminate only 30 percent of the equity deficit of the average underwater homeowner.
Fannie,Â Freddie borrowers not included
Other relief still available
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