The recently announced White House plan to offer systematic interest rate relief for some home borrowers with adjustable rate mortgages about to reset to a higher rate, is a modest, but worthwhile approach to a growing crisis. Whatever the debate on the reach of the plan, some homeowners with mortgage payments set to jump from barely affordable to unaffordable will benefit––so long as they act quickly and apply before their scheduled rate hikes.I appreciate the work of the Woodstock Institute. It is a 33-year old Chicago-based policy and advocacy nonprofit that works locally, nationally, and internationally to promote community reinvestment and economic development in lower-income and minority communities. The Institute's goals are to increase the assets of targeted families and communities and, in particular, increase the supply of affordable rental and owner-occupied housing, and promote small business development, and access to fairly priced and appropriate financial services.
We urge you to encourage borrowers to call the HOPE NOW Alliance hotline immediately at 1-888-995-HOPE to see if they qualify and what rate relief options are available.
Woodstock Institute will continue to work on additional strategies to cope with this crisis including the passage of Senator Durbin’s (D. IL) proposed amendment to the Bankruptcy Law to permit the renegotiation of the terms of mortgage contracts.
Thursday, December 13, 2007
Mortgage rate relief
My friend, Malcolm Bush, of the Woodstock Institute, sent me this information...