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Philadelphia Will Try to Reduce Foreclosures
Summary from United States, from articles in English
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P For many borrowers, adjustable-rate mortgages are too risky, even though the interest on such loans is usually fixed for five or seven years at a rate lower than that offered on 30-year fixed mortgages. (article 1)
The rates for ING Direct's five-year ARM in late April stood at 5.25 percent, or nearly one percentage point lower than the prevailing rate for 30-year fixed mortgages. (article 1)
Loans can be obtained from mortgage bankers, mortgage brokers, savings and loan associations, mutual savings banks, commercial banks, credit unions and insurance companies. (article 2)
Philadelphia announced a program on Wednesday to reduce the number of people who are forced from their homes because they cannot afford the payments on an adjustable-rate subprime mortgage. (article 3)
About 800 of those properties are owner-occupied, said Ian Phillips of the community advocacy group Acorn, which has helped to structure the program. (article 3)
In 2006, 37 percent of all mortgage loans made in Philadelphia were sub-prime - made to people with poor credit histories - up from 20 percent in 2004. (article 3)
The deed of trust is the security that all lenders rely on when making a mortgage loan because that document provides the authorization to foreclose. (article 4)
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Other stories about mortgage, loans and Homeowners:
Event tracking:
Story keywords
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mortgage, loans, Homeowners, rate, payments |
Source articles
- ING makes ARM easier to refinance (sfgate.com, 06/05/2008, 350 words)
- News for Dallas, Texas (dallasnews.com, 06/05/2008, 758 words)
- Philadelphia Will Try to Reduce Foreclosures (nytimes.com, 06/05/2008, 474 words)
- Why Seller Financing Should Be a Last Resort (Washington Post, 06/05/2008, 570 words)
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blaster@cs.columbia.edu
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