Boston Fed Chief Writes to Subprime Borrowers, Globe Reports
The head of Boston's Federal Reserve Bank has written to subprime borrowers across New England urging them to renegotiate their current loans if their payments are too high, the Boston Globe reported.
The Boston Fed distributed the letter, written by President Eric Rosengren, through 139 community newspapers throughout the region. It encouraged subprime borrowers with equity in their homes to seek help from their current lenders or from one of five lenders participating in a regional mortgage-rescue program, the Globe said paydayloans.
Rosengren told homeowners who may face foreclosure “the time to act is now,'' the newspaper reported, citing the letter.
The letter is among numerous efforts from Rosengren, his counterparts at other regional Federal Reserve banks and the Fed's leadership in Washington to deal with the U.S.'s growing mortgage-default crisis, the newspaper said.
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