F.Y.I. - Big banks pony up enough to refinance about 7,000 homeowners who took out subprime mortgages.
Last month, the Mortgage Bankers Association (MBA) said late payments on subprime loans, or loans made to people with weaker credit histories, rose to 13.33% in the fourth quarter, and foreclosures on all home loans set a record.
According to its website, NACA is working with the largest U.S. banks to help subprime borrowers who face possible foreclosure because rates are rising on their loans.
$1 billion is being providing to help bail out homeowners;
NACA's chief executive, Bruce Marks said, "We demand that others commit the dollars needed to modify people's loans, and if other lenders intend to foreclose, we will go after their decision makers."
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