American bankers will help “bad” borrowers
21 December 2007Five banks, located in Boston have declared about creation of special fund of the help to the borrowers, collided with threat of habitation loss of because of increase in percent on hypothec credits payments.
Now the size of fund makes $125 million. It is intended for rendering the financial assistance to borrowers with not irreproachable credit history, who cannot pay growing percent under the credit at reduction of real estate prices.
This action is a part of American national program, which is carried out by local authorities and private business with the purpose of decrease of risks for consumers in terms of hypothec crisis.
According to experts’ forecasts of Boston Federal Reserve Bank of 38 thousand borrowers in New England can receive the assistance from fund. At the same time those, who has strongly delayed payments and for whom deprivation of the right of the mortgage repayment will come in the near future, cannot participate in program.
New credits for more favorable conditions, similar themes that are given to borrowers with good credit history, will be offered to participants of the program. It is expected, that it will allow consumers to save some hundreds dollars monthly.
