ImageImagine that you want to buy a house,but are not sure you cancould meet the manc*monthly payments,your credit history is considered subprime ,not good enough for the loanlowest interest rates available,but a broker who finds lenders for a home buyer offered you a deeldeal. aA loan with payments loanlow enough to feedfit your burgetbudget.After two or three years,however,your payments will go up,possibly 30 percent or more.Do you exceptaccept?
In the United States, an estimated 2 millions subprimes ajustable-rate mortgages**** are respectedexpected to reset higher in the next 2 years.ThisThese loans makes up about 7 percent of all mortgages,but now many of the owners are in danger of losing their homes because of rising payments.
Last week,Pesident Bush announced the plan to help some people with subprime loan troubles.****Treasury Secretary Henry Paulson bought together a new pri***private alliance called "hope now".He and other government officials meet with lenders, loan survisorsservicers, investors and others to work out turnterms of the plan.
ButThe goal is to help families keep their homes and help avoid further injury to the already weak housing markets.Lenders generally do not want to be in the business of salingselling houses ****reclaimed through foreclosure.