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I think it said 3% for 5 years then market rate for 25-35 years.
Yes they are offering 40 year mortages to get the payments lower plus they are adding
in all the missed payments.
It looks like it's working because defaults are down to 1.5% since 2007 from 10%. The
FDIC is also doing this for all the Indy Mac and other Banks loans they took over as well.
Maybe this problem isn't too bad ?
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