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"We spend a lot of time here at the board thinking about different plans for refinancing subprime borrowers or other borrowers into sustainable mortgages," said Mr. Bernanke at the October meeting.
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Before the policy shift this year, the Kremlin had disbursed only about $11.8 billion of $50 billion set aside in the initial plan for refinancing foreign debt.
Later this week, the Legislature is to vote on a plan for refinancing the debt on bonds left over from the Municipal Assistance Corporation, the agency that pulled the city from its brush with bankruptcy in the 1970's.
As conceived by two Wall Street veterans, Thomas H. Patrick, a co-founder of New Vernon Capital, and Macauley Taylor, principal at Verum Capital, the plan calls for refinancing all the nonprime, performing loans held in privately issued mortgage pools (except for Fannie's and Freddie's) at a lower rate.
The plan, which called for refinancing all $12 billion of the debt, was recommended and structured by the former Wall Street investment giant Bear Stearns, which eventually got a large share of the underwriting duties worth tens of millions of dollars.
U.S. state and federal officials plan to give the country's largest mortgage servicers wider protection against legal claims in exchange for refinancing help for existing borrowers, as talks on a $25bn settlement of alleged foreclosure improprieties advance.
Companies have limited choices for refinancing needs.
Mortgage rates are low, fueling demand for refinancing.
Until recently, such owners had few good prospects for refinancing.
But good luck getting an actual loan, even for a refinancing: banks are responding to applications for refinancing very slowly.
2. Points for Refinancing.
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