Five of New England's largest banks announced a campaign Thursday to alert subprime borrowers about fixed-rate refinancing options, The Boston Globe reports.
The Bank of America Corp., Sovereign Bancorp Inc., Citizens Bank, TD Banknorth Inc. and Webster Financial Corp. pledged to offer $125 million for refinancing in the program, which was coordinated by The Federal Reserve Bank of Boston.
The campaign is targeted toward homeowners who may be at risk of foreclosure because their monthly loan payments are about to increase. All money being offered involves pre-existing funds and homeowners will still be required to meet standard requirements for lending, according to the Globe.
The banks have created a Web site, mortgagerelieffund.com, with information about the program. Interested homeowners may also call the banks for additional information.
source: commercialpropertynews.com
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