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Hope Now: Few Five-Year Rate Freezes.(subprime adjustable-rate mortgages)(Brief article)

Article from: American Banker Article date: April 11, 2008 Author: Hopkins, Cheyenne

Of the 140,562 subprime adjustable-rate mortgages scheduled for a rate reset in January and February, only 2%, or 3,364 loans, received a five-year fast-track modification, according to statistics the Hope Now alliance released Thursday.

The Treasury Department announced the modification plan in December, saying that 600,000 loans could be eligible for a five-year rate freeze. At that time critics said the number was likely overblown.

The statistics released Thursday represented Hope Now's first attempt to offer data on how ...

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