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In Sunday’s New York Times Alan S. Blinder (former vice chairman of the Federal Reserve) noted I-Fav Chris Dodd’s support for refinancing distressed mortgages to stave off foreclosure.

The approach is simple. A semi-public Corp buys the distressed loan at a discount from the lender.  Taken into account the discounted value and current interest rate, the Corp refinances the homeowners loan at affordable terms.  (more…)

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