I just saw this article about Indymac’s new fast track loan system. Indymac was taken over by the FDIC in July and has been restructuring their mortgage loans. This program reworks the loans to offer lower payments. They take the information they have about earnings and structure the loan so it is no more than 38% of income. Good idea. They also offer financial counseling for those that have late payments. So it will help people learn to work to get total spending down or better. It is an interesting idea I hope works. This is a market solution. They admit that even these new loans won’t work for everybody but if it works for the estimates 2/3 they are hoping it helps, it is great.
Here is the article. Go to the article link in this blog.
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