The Parodneck Foundation in conjunction with South Brooklyn Legal Services and the Neighborhood Economic Development and Advocacy Program (NEDAP)provides this DVD record of a presentation representing the training and community outreach available from the technical assistance component of the Mortgage Foreclosure Emergency Prevention Program(MFEPP). This DVD focuses on the process of the mortgage market's maturation into the current Wall Street-driven array of products and services. The discussion then proceeds to the consequences of the inappropriate use of many of these new products and services the current market structure has encouraged and spawned. These products are commonly referred to as exotic or hybrid mortgages with option ARM features, teaser rates and ARM interest rate reset dates twenty four and thirty six months into the life of the mortgage product. The bank process of loss mitigation, i.e. how to treat the retention or the loss of homeownership for borrowers, is then discussed as banks have had to face the sharp rise in the number of their defaulting loans. |
