From the Professor: WAMU Offering Refinancing to Subprime Borrowers

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From Professor Piggington’s Eco-Almanac For The Landed Poor, Washington Mutual is tossing out a lifeline to subprime borrowers in trouble.

‘As part of a borrowers’ assistance program designed to help WaMu homeowners with subprime mortgage loans stabilize their finances and avoid foreclosure, Washington Mutual (NYSE:WM) announced Wednesday a new program that will allow borrowers to refinance up to $2 billion in subprime loans at discounted interest rates.

‘Under the program, WaMu subprime borrowers who remain current on their existing loans and anticipate pending payment increases may apply for new discounted fixed-rate loans or other mortgage products available to them, the company said.’

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