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The five-year deal is part of a program to refinance VUE's $1.62 billion bridge loan.
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The deal was made possible by a change in federal law in 2000 that made it attractive for senior apartment complexes built under a federal housing program to refinance their old HUD loans.
MORE homeowners who are "underwater," or owe more on their homes than they are worth, have been taking advantage of an expanded Home Affordable Refinance Program to refinance their loans and obtain lower interest rates, according to a recent government report.
And a close look at the fine print of the bill shows that lenders who want to use the program to refinance troubled loans into new, federally insured mortgages will have to take substantial losses.
Mr. Pataki has linked a brownfields program to refinancing the Superfund program, which has run out of money, while the Democrats insist on treating them separately.
In a draft of testimony to be delivered before the House Financial Services Committee on Wednesday, Brian D. Montgomery, the commissioner of the Federal Housing Administration, said the administration would look to expand a program to help refinance the mortgages of borrowers struggling with subprime adjustable-rate mortgages.
A program to help troubled borrowers refinance mortgages — along with an $800 billion increase in the national debt limit — was approved in July.
It will also extend the Small Business Administration's program to help refinance short-term commercial real estate loans into longer term loans, and it reauthorizes the Export-Import Bank, a provision that some conservatives oppose.
While embracing the insurance provisions, the White House rejected Franks call for a "Refinance Program Oversight Board" to refinance bundles of newly-insured FHA loans, potentially by auction.
For example, an Ohio restaurateur recently took advantage of the 504 program and FMLP to refinance three restaurants.
F.H.A. Secure, a program created by the Bush administration to refinance troubled subprime loans, has backed more than 140,000 new loans since August; government administrators say it is on track to insure another 260,000 by year end.
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