Peter DaSilva for The New York Times
Mark Belvedere says his bank has refused to refinance his condo outside San Francisco, citing the property's lost value.
Published: December 12, 2009
Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. Yet the banks that once handed out home loans freely are imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out.
Some analysts believe rates could jump as high as 6 percent in the spring.
brokers’ group, proposed a federal program that would allow streamlined refinancings up to 175 percent of the median price in a local market. A quarter of the savings from the lowered payments would go into an escrow account to reduce the principal balance.
No comments:
Post a Comment