Illinois Helps With ARM Burden

From the Chicago Tribune:

Homeowners struggling to make payments on adjustable-rate mortgages could get a little extra help from the state under legislation signed into law Friday.

The measure, which expands a homeowner-assistance program, would help those seeking to refinance adjustable-rate mortgages by guaranteeing lenders that the state would cover 10 percent of the loan if a home is foreclosed upon.

Scott Burnham, a spokesman for Treasurer Alexi Giannoulias, said the state has set aside $5.8 million for the program.

"This allows more people to qualify for refinancing and helps prevent foreclosure by helping borrowers get non-predatory loans," Burnham said.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (, he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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