About two million people bought homes with subprime loans that offered low introductory monthly payments; those payments are set to jump sharply over the next 18 months as the initial teaser rates expire.
The draft bills highlight the increased urgency among Democrats about responding to the recent meltdown in mortgage markets, particularly for subprime loans, and to a rising wave of home foreclosures as low initial teaser rates on about two million subprime loans must be reset by the end of 2008.
From the second episode onwards, a secondary opening sequence runs immediately after an initial teaser: as the Mysterons announce their latest threat against Earth, the "Mysteron rings" pass over the primary puppet cast in a number of environments to demonstrate the aliens' omnipresence.
That "Neighborhood Watch" should be tainted by even a whiff of the vigilantism at issue in the Martin shooting is attributable not just to the film's name, but also to an unfortunate decision by Fox to release a brief initial teaser trailer that portrayed its stars as a band of dark-clad heavies cruising their suburban turf to a hip-hop theme.
The initial teaser trailer for Interstellar hinted at a Spielbergian sense of wonder at the universe, but the new promo suggests that Nolan has his feet grounded firmly on Earth even as he stares into space.
Lenders would not be allowed to qualify a person based only on their ability to pay the initial teaser rate.
As a result, the pain of lower prices is being felt most strongly by homeowners who are most vulnerable, both because they may have taken out mortgages whose interest rates rose after initial teaser periods ended and because those owners are more likely to be facing prolonged unemployment.
This will see the companies extend by several years the period for which thousands of borrowers can stay at the initial "teaser" rate.
Defenders also note that such penalties allow a lender to offer the low initial teaser rates, which were highly popular with many borrowers.
More than two million people took out subprime mortgages in the past two years and face big jumps in monthly payments when their initial teaser rates expire.
