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Mortgage headache

CNN's Gerri Willis offers tips if you are stuck in an adjustable mortgage interest rate reset


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Scripts:

The housing market is already troubled and the next tsunami might be right around the corner. Resets on ARM, adjustable rate mortgages could set off a new wave of foreclosures. CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.

And Gerri, first and foremost how big of a problem are we encountering in the industry?
Well, I will say it’s a big problem. There’re about 2.3 million subprime borrowers whose home loans are projected to reset at higher rates through the end of next year. Now, that means those low teaser rates may go up a few points resulting in monthly payments. It could be hundreds of dollars more. Now the peak of subprime US mortgage resets will happen next march.
Gerri, help us to set a priority at this point, the priorities, What’s the No.1 thing we should all do if you happen to have an adjustable-rate mortgage?
Well, get your paperwork. If you have a one, three or five year hybrid ARM, your monthly statement will not tell you, your caps or any other terms of your loan to find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjustable rates can adjust annually. Next you’ll wanna look at the caps, these caps, they ah prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you will have to pay, call in our nonprofit counseling organization. To find one in your area, go to HUD.gov.
What about refinancing as an option? Who should think about that?
Well, sometimes refinancing just isn’t in the cards, especially if your home price has dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percentage points. In order to refinance, you’ll need 10 to 20 percent equity in your home.
For home owners struggling right now to just make the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?
Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro-interest rates, those teaser rates on home loans before they are reset at a higher level. A decision could come this week, but remember, this is just a proposal for right now. I’ll bring you the details as they develop. And if you have any questions, please send them to us at toptips@cnn.com. We love hearing from you.


Notes:

Teaser rate:为了让借款人接受可调利率住房贷款,初始阶段放贷利率通常很低,该利率称为引逗利率, 或者诱惑利率(teaser rate)。在引逗期过后,利率将被调整到市场水平,并定期加以调整。
[ 本帖最后由 jeanneleaf 于 2008-3-7 15:38 编辑 ]

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The housing market is already troubled and the next tsunami might be right around the corner. Resets on arms adjustable right mortgages could set up a way before closures. CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.

Gerri, first and for most how big a problem are we encountering in the industry?
Well, I want to say it’s a big problem. There’re about 2.3 million subprime borrowers whose home loans are projected to reset at higher rates through the end of next year. Now, that means those low teaser rates may go up a few points resulting in monthly payments. It could be hundreds of dollars more. Now the peak subprime US mortgage resets will happen next march.
Gerri, how about to set a priority of this point of priorities? What’s the No.1 thing we should all do if it happened to have an adjustable-rate mortgage?
Well, get your paperwork. If you have won through your 5 year hybrid ARM, your monthly statement will not tell you, your caps or any other terms of your loan. To find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjustable-rates can adjust annually. Next you’ll want to look at the caps, these caps, they ah prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you have to pay, call a nonprofit counseling organization. To find one of your area, go to HUD.gov.
What about refinancing as an option? Who should think about that?
Well, sometimes refinancing just isn’t in the cards, especially if your home prices dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you’re planning to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percent each points. In order to refinance, you’ll need 10 to 20 percent equity in your home.
For home owners struggling right now to just make the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?
Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro-interest rates, those teaser rates on home loans before they reset on a higher level. A decision could come this week, but remember, this is just your proposal for right now. I’ll bring you the details as they developed. And if you have any questions, please send them to us to toptips@cnn.com. We love to hear from you.
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The housing market is already troubled and the next tsunami might be right on the corner. Resets on arms adjustable right mortgages could set up a new way before closures. CNN’s personal finance editor Gerri Willis joining us now to offer advices on how to avoid mortgage reset headaches, so Gerri, first and for most how big a problem are we encountering in the industry?

Well, it’s a big problem, there’re about 2.3 million sub prime borrowers whose home loans are projected to reset at higher rates through the end of next year. now that means those low tizery may go up a few points resulting in monthly payments. It could be hundreds of dollars or more, now the peak sub prime US mortgage resets will happen next march.

Gerri, how about to set a priority of this point of priorities? What’s the No.1 thing we should all do if it happened to have an adjustable-rate mortgage?

Well, get your paperwork. If you have won through your 5 year hybrid arm, your monthly statement will not tell you, your caps or any other terms of your loan to find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjustable-rates can adjust annually. Next you’ll want to look at the caps, these caps, they prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you have to pay, call a nonprofit counseling organization. To find one of your areas, go to hud.gov.

What about financing as an option? Who should think about that?

Well, sometimes, refinancing just isn’t in the cards, especially if your home prices dropt in the last few months, if the values haven’t dropt significantly, and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay your home recently two years and you lower your interest by at least one and half percentage points. In order to refinance, you’ll need 10 to 20 percent equity in your home.

For home owners struggling right now just to make the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?

Well, right now treasury secretary Henry Paulson and federal bank regulators are working out the details of a plan to extend lower interest rates, those tizery rates on home loans before they reset on a higher level. The decision could come this week, but remember this is just a proposal for right now, I’ll bring you the details as they developed. And if you have any questions, please send to us at toptips@cnn.com. We love to hear from you. tongue.gif

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The housing market is already troubled and the next tsunami might be right around the corner. Resets on armed adjustable right mortgages could set up a new way before closures. CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.

Gerri, first and for most how big a problem are we encountering in the industry?
Well, I will say it’s a big problem. There’re about 2.3 million subprime borrowers whose home loans are projected to reset at higher rates through the end of next year. Now, that means those low teaser rates may go up a few points resulting in monthly payments. It could be hundreds of dollars more. Now the peak subprime US mortgage resets will happen next march.
Gerri, how about to set a priority of this point of priorities? What’s the No.1 thing we should all do if it happened to have an adjustable-rate mortgage?
Well, get your paperwork. If you have won through your 5 year hybrid ARM, your monthly statement will not tell you, your caps or any other terms of your loan. To find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate writer now. This should be included with your original closing papers. Adjustable-rates can adjust annually. Next you’ll want to look at the caps, these caps, they ah prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you have to pay, call a nonprofit counseling organization. To find one of your area, go to HUD.gov.
What about refinancing as an option? Who should think about that?
Well, sometimes refinancing just isn’t in the cards, especially if your home prices dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percentage points. In order to refinance, you’ll need 10 to 20 percent equity in your home.
For home owners struggling right now / just makes the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?
Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro-interest rates, those teaser rates on home loans before they reset on a higher level. A decision could come this week, but remember, this is just a proposal for right now. I’ll bring you the details as they developed. And if you have any questions, please send them to us to toptips@cnn.com. We love to hear from you.
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The housing market is already troubled and the next tsunami might be right around the corner. Resets on ARM, adjustable rate mortgages could set off a new wave of foreclosures. CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.

And Gerri, first and foremost how big of a problem are we encountering in the industry?
Well, I will say it’s a big problem. There’re about 2.3 million subprime borrowers whose home loans are projected to reset at higher rates through the end of next year. Now, that means those low teaser rates may go up a few points resulting in monthly payments. It could be hundreds of dollars more. Now the peak of subprime US mortgage resets will happen next march.
Gerri, help us to set a priority at this point, the priorities, What’s the No.1 thing we should all do if you happen to have an adjustable-rate mortgage?
Well, get your paperwork. If you have a one, three or five year hybrid ARM, your monthly statement will not tell you, your caps or any other terms of your loan to find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjust what rates can adjust annually. Next you’ll wanna look at the caps, these caps, they ah prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you will have to pay, call a nonprofit counseling organization. To find one in your area, go to HUD.gov.
What about refinancing as an option? Who should think about that?
Well, sometimes refinancing just isn’t in the cards, especially if your home price/ has dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percentage points. In order to refinance, you’ll need 10 to 20 percent equity in your home.
For home owners struggling right now to just make/ the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?
Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro-interest rates, those teaser rates on home loans before they reset at a higher level. A decision could come this week, but remember, this is just a proposal for right now. I’ll bring you the details as they develop/. And if you have any questions, please send them to us at toptips@cnn.com. We love hearing from you.
HOMEWORK


The housing market is already troubled and the next tsunami might be right around the corner. Resets on ARM, adjustable rate mortgages could set off a new wave of foreclosures. CNN's personal finance editor Gerri wills join this now to offer us some advice on how to avoid mortgage reset headache.

And Gerri, first and foremost, how big a problem are we encountering in the industry?
Well, i'll say it's a big problem. there are about 2.3 million subprime borrowers whose home loans are projected to reset a higher rates at the end of the year now. That means those low teasers rates may go up of a few points resulting in monthly payments. That could be hundreds of dollars more. Now the peak of subprime US mortgage resets will happen next March.

Gerri,help us to set the priority ,at this point of priorities. What's the NO.1 thing we should all do if we happen to have an adjustable rate mortgate?
Well, get your paperwork. If you have one, 3 or 5 year hybrid ARM ,your monthly statement will not tell you, your caps,in the other term, it'll be your loan. To find out when your rate could adjust on what you'll be on the hook for. Dig out your adjustable rate right now. They should be included with your original closing papers. Adjust what rates can adjust annualy. You'll wanna look at the caps,these caps, they, perhaps your interest rates from moving too much and either direction in a given time frame. If you have any questions or you are not sure what you have to pay, call the nonprofit counseling rgaization, to find one in your area, go to HOD.gove.

What about refinancing as an option, who should think about that?
Well, sometimes we refinancing just as in the cards, especially if your home prices dropped in the last few months. The value haven't dropped significantly, and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home at least another 2 years, and you lower your interests rate by at least 1.5% each point. In order to refinancing,need 10-20 percent equity in your home.

For home owners struggling right now just make the basic payment and have the adjustable rate mortgates, are there any help out there for them ?
Well, right now, Treasury Security Hanry Poson and Federal Banking Rugulators are woking out the details of the plan to extent lower intro interest rates of those tease rates on home loans before they reset at the higher level. And the decesion could come this weel. But remeber, this is just a proposal for right now, i'll bring you the detail as they developed. And if you have any questions, please send them to us at toptip@CNN.com.

We love hearing from you.



对于购屋者来说,除了少数手头资金充沛的人,大多人是需要贷款的。在美国,这种房屋贷款主要有2种金融机构承作。
对于FICO信用分数达620分以上,信用记录较佳,还款能力强的贷款者,他们的贷款由美国银行来承作。他们的房贷称做Prime mortgage,他们的违约风险很低。

对于信用不佳,或背负沉重贷款的借款者,他们的贷款常由专门的房贷出借公司承作。这些贷款,叫 Subprime mortgage.
Love is giving someone the ability to hurt you but trusting them not to...
HW:这篇做的差点没信心了~哎

the housing market is already troubled and the next tsunami might right around the corner, resets on ARM adjustable rate mortgages could set off a new wave of foreclosures .cnn's personal finance editor Gerry Willis joins us now to offer some advice on how to avoid mortgage reset headache.
so Jerry first and foremost(最主要的) how big of a problem are we encountering in the industry?
well, I will say it's a big problem, there are about 2.3 millions subprime borrowers whose home loans are projected to reset at higher rates through the end of year. now ,that means those low teaser rates may go up a few points resulting in a monthly payments.It could be hunderds dollars more.now peak of subprime US mortgage resets what will happen next march.

Gerry, help us to set a priority at this point,the priorities what's the number one thing we should all do if you happen to have an adjustable-rate mortgage?
well ,get your paperwork,if you have one,three year or five-year hybrid ARM ,your monthly statement will not tell you, your caps any other terms of your loan to find out when your rate could adjust when you will be on the hook for ,dig out your ajustable rate rider now ,they should be include with your original closing papers.Adjust what rates can adjust annually .next you will wanna look at the caps ,these caps,they prohibit your interest rates from moving too much in either direction in a given time frame. if you have any questions or you are not sure what you have to pay ,call a nonprofit counseling organization to find one in your area ,go to HUD.gov

what about refinancing as an option ?who should think about that?
well,sometimes refinancing just isn't in a card,especially if your home prices has dropped in the last few months,if values haven't dropped that significantly and you wanna get out of the rate reset ,think about refinancing .refinancing makes sense if you plan to stay in your home for at least another two years,and you lower your interest rate by at least 1.5 percentage each points.in order to refinance,you will need ten to twenty percent equity in your home.

for home owners struggling right now just make the basic payment and then have the adjustable rate mortgages ,any help out there for them?
well, right now Treasure Secretary helen paulson and federal banking regulators working out the detail of a plan to extend lower intro-interest rate ,those teaser rates on home loans before they reset the higher level,and the decision could come this week,but remember this's just a proposal for right now .I will bring the details as they develop.and you have any questions please send them to us at toptips@cnn.com.

we'd loving hearing from you.

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实现无障碍英语沟通
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homework:
The housing market is already troubled and the next tsunami might be right around the corner. Resets on arms, adjustable rate mortgages could set up a new way beofore closures.CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.
Gerri, first and for most, how big a problem are we encountering in the industry?Well, I want to say it’s a big problem. There’re about 2?3 million subprime borrowers whose home loans are projected to reset at higher rates through the the year. Now, that means those low teaser rates may go up a few points without monthly payments. It could be hundreds of dollars more. Now the peak subprime US mortgage resets will happen next march.
Gerri, how about to set a priority ? point of priorities? What’s the No.1 thing we should all do before it happened to have an adjustable-rate mortgage?
Well, get your paperwork. If you have one through your 5 year ?arm, your monthly statement will not tell you, your caps or any other terms of your loan. To find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your natioanl closing papers. Adjustable-rates can adjust annually. Next one you’ll look at the caps, these caps, they prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you have to pay, call a nonprofit counseling organization. To find one of your area, go to HUD.gov.
What about refinancing as an option? Who should think about that?
Well, sometimes refinancing just isn’t in the cards, especially if your home prices dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you’re planning to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percent each points. In order to refinance, you’ll need 10 to 20 percent ? in your home.
For home owners struggling right now to just make the basic payment and then have the adjustable-rate mortgages, is there any help out for them?
Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro-interest rates, those teaser rates on home loans before they reset on a higher level. A decision could come this week, but remember, this is just your proposal for right now. I’ll bring you the details as they developed. And if you have any questions, please send them to us to toptips@cnn.com.
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Homework

The housing market is already troubled and the next tsunami might be right around the corner. Resets on ARM, adjustable rate mortgages could set off a new wave of foreclosures. CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.

And Gerri, first and foremost how big of a problem are we encountering in the industry?
Well, I will say it’s a big problem. There’re about 2.3 million sub-prime borrowers whose home loans are projected to reset at higher rates through the end of next year. Now, that means those low teaser rates may go up a few points resulting in monthly payments. It could be hundreds of dollars more. Now the peak of sub-prime US mortgage resets will happen next march.

Gerri, help us to set a priority at this point, the priorities, What’s the No.1 thing we should all do if you happen to have an adjustable-rate mortgage?
Well, get your paperwork. If you have a one, three or five year hybrid ARM, your monthly statement will not tell you, your caps or any other terms of your loan to find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjust what rates can adjust annually. Next you’ll wanna look at the caps, these caps; they ah, prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you will have to pay, call a nonprofit counseling organization. To find one in your area, go to HUD.gov.

What about refinancing as an option? Who should think about that?
Well, sometimes refinancing just isn’t in the cards, especially if your home price has dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percentage points. In order to refinance, you’ll need 10 to 20 percent equity in your home.

For home owners struggling right now to just make the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?
Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro-interest rates those teaser rates on home loans before they reset at a higher level. A decision could come this week, but remember, this is just a proposal for right now. I’ll bring you the details as they develop. And if you have any questions, please send them to us at toptips@cnn.com. We love hearing from you.

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HW
听的不好,参考了斑竹的

The housing market is already troubled. The next tsunami might be right around the corner. Resets on arms adjustable rate mortgages could set up a new way of foreclosures. CNN personal finace editor Gerry Willis joins us now and offers advises on how to avoid a mortgage reset headache.

Gerry, first and foremost,how big a problem are we encountering in the industry?

well, it's a big problem. there are about 2.3 million subprime borrowers whose home loans are projected to reset a higher rate through the end of year now. That means those low teaseries may go up a few points with those monthly payments. it will be hundreds dollars more. now, the peak of subprime US mortgage resets will happen next March.

Gerry,help us to set the priorities at this point, the priorities. what's the NO.1 thing we should all do if we happen to have an adjustable rate mortgage.

well, get your paperwork,if you have a one 3-year or 5-year hybrid ARM, your monthly statement will not tell you to capter any other terms of loan to find out when your rate could adjust and what you would be on a hook for. Dig out your adjustable rate rider now. This should be included within your original closing papers. Adjust the rate what we could adjust. annually next one, we should look at the caps. these caps, em,they prohibit your interest rates from moving too much from either directions in given time frame. if you have any questions or you are not sure what you have to pay, call the non-profit counseling organization. To find one in your area, go to a hud.gov.

we know re-financing as an option, how should you think about that?

well, sometimes the refinancing just in the cars, especially if your home prices dropped in the last few months. if the values has dropped that significantly and you want to get out the rate reset, think about refinancing. refinancing makes sense if you plan to stay in your home for at least another two years. and you lower your interest rates at least by 1.5% points. in order to refinace,it needs ten to 20 percent equity in your home.

For homeowners struggling right now who just make the basic payment and they have the adjustable reset mortgage, any help out of there for them?

well, right now, treasury secratery Henry Paulson and federal banking regulators are working out the details of a plan to extend low intro interest rates and those teaseries on home loans, before they reset a higher level. the decision could come this week, but remember this is just a proposal for right now. I will bring the details if they develop. And if you have any questions, pls send them to toptips@cnn.com. we love hearing from you.
杨宗纬~~~鸽子~~
homework
The housing market is already troubled and the next tsunami might be right around the corner .Resets on arms adjustable right mortgages could set up a new way before closure .CNN's personal finance editor ,Gerri Wills joins us now to offer some advice on how to avoid mortgage reset headaches .Gerri ,first and for most ,how big a problem are we encounting in the industry ?
I won't say it's a big problem .There are about 2.3 millions of subprime borrowers whose home loans are projected to reset at high rates through the end of year now ,that means those low ..rates may go up a few points resulting a monthly payments .It could be hundreds of dollars more .Now the peak of subprime US mortgages will happen nest March .
Gerri how about to set a priority at this point ?Priority is what the number one thing we should all do if happened have and adjustable rate mortgage ?
Well ,get you paper work ,if you have one ,three ,five year high ...arm,your monthly stable will not tell you ,you ...,any other terms if you loan to find out when you rate could adjust and when you will be on the hook for .Dig out your adjustable rate right or now ,they should be included with your original closing papers .Adjustable can adjust annually .Next you wanna look at the ..the ...they prohibit your interest rates from moving too much in either direction in a given time frame . If you have any questions or you are not sure what you have to pay call a nonprofit counselling organization to find what in you area to go to hotdog gov
What about refinancing as an option ?Who should think about that ?
Well ,sometimes refinancing just isn't in the car ,specially if you home prices dropped in the last few months ,if values haven't drop that significantly and you want to get out of the right reset ,think about refinancing .Refinancing makes sense if you plan to stay in yor home for at least another two years . And you low your interest rate by at least one and half persentage points .In order to refinance ,you need 10-20% equity in your home . For home owners struggling right now to just make the basic payment and have the adjustable right mortgages ,is there any help out there for them ?
Well ,right now ,Treasury secretary henry Paules and Infederal Banking regulators are working out of the details of a plan to extend low interest rate as ...rates on home loan before they will set it at a higher lever.The decision could come this week ,but remember this is just a proposal for right now .I'll bring the details as they develop.IF you have any questions ,please send them to US toptips .CNN .com .We love hearing from you .
Life is a sweet thing for those who have a pure conscious!
Homework

The housing market is already troubled and the next tsunami might be right around the corner. Resets on ARM, adjustable rate mortgages could set off a new wave of foreclosures. CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.
And Gerri, first and foremost how big of a problem are we encountering in the industry?
Well, I will say it’s a big problem. There’re about 2.3 million sub-prime borrowers whose home loans are projected to reset at higher rates through the end of next year. Now, that means those low teaser rates may go up a few points resulting in monthly payments. It could be hundreds of dollars more. Now the peak of sub-prime US mortgage resets will happen next march.
Gerri, help us to set a priority at this point, the priorities, What’s the No.1 thing we should all do if you happen to have an adjustable-rate mortgage?
Well, get your paperwork. If you have a one, three or five year hybrid ARM, your monthly statement will not tell you, your caps or any other terms of your loan to find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjust what rates can adjust annually. Next you’ll wanna look at the caps, these caps; they ah, prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you will have to pay, call a nonprofit counseling organization. To find one in your area, go to HUD.gov.
What about refinancing as an option? Who should think about that?
Well, sometimes refinancing just isn’t in the cards, especially if your home price has dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percentage points. In order to refinance, you’ll need 10 to 20 percent equity in your home.
For home owners struggling right now to just make the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?
Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro-interest rates those teaser rates on home loans before they reset at a higher level. A decision could come this week, but remember, this is just a proposal for right now. I’ll bring you the details as they develop. And if you have any questions, please send them to us at toptips@cnn.com. We love hearing from you.
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The housing market is already troubled and the next tsunami might be right around the corner. Resets on ARM, adjustable rate mortgages could set off a new wave of foreclosures. CNN's personal finance editor Jerry Wales joins us now to offer some advice on how to avoid mortgage reset headaches.

And GJerry, first and foremost how big of a problem are we encountering in the industry?

Well, I will say it's a big problem. There're about 2.3 million subprime borrowers whose home loans are projected to reset at higher rates through the end of next year. Now, that means those low teaser rates may go up a few points resulting in monthly payments. It could be hundreds of dollars more. Now the peak of subprime US mortgage resets will happen next March.

Jerry, help us to set a priority at this point, the priorities, What's the No.1 thing we should all do if you happen to have an adjustable-rate mortgage?

Well, get your paperwork. If you have a one three-year or five-year hybrid ARM, your monthly statement will not tell you, your caps/ or any other terms of your loan to find out when your rate could adjust and what you'll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjust what rates can adjust annually. Next you'll wanna look at the caps, these caps, they, ah, prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you will have to pay, call a nonprofit counseling organization. To find one in your area, go to HUD.gov.

What about refinancing as an option? Who should think about that?

Well, sometimes refinancing just isn't in the cards, especially if your home price has dropped in the last few months. If values haven't dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home for at least another 2 years and you'll lower your interest rates by at least 1.5 percentage points. In order to refinance, you'll need 10 to 20 percent equity in your home.

For home owners struggling right now to just make the basic payment and then have the adjustable-rate mortgages, is there any help-out there for them?

Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro interest rates as teaser rates on home loans before they reset at a higher level. A decision could come this week, but remember, this is just a proposal for right now. I'll bring you the details as they developed. And if you have any questions, please send them to us at toptips@cnn.com. We love hearing from you.

生词:
reset: 重新安排
foreclosure:丧失抵押品赎回权
first and foremost: 首先
teaser: 优惠广告:通过提供额外的或免费的东西来吸引顾客的广告
hybrid:混合的
on the hook:陷入圈套
dig out: 发现
rider:附文
time frame: 时限
refinancing:发行新债取代旧债
in the cards: 可能的,即将发生的

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The housing market is already troubled and the next tsunami might be right around the corner. Resets on ARMs, adjustable rate mortgages could set off a new wave of foreclosures. CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.

And Gerri, first and foremost how big of a problem are we encountering in the industry?
Well, I will say it’s a big problem. There’re about 2.3 million subprime borrowers whose home loans are projected to reset at higher rates through the end of the year. Now, that means those low teaser rates may go up a few points resulting in a monthly payments. It could be hundreds of dollars more. Now the peak of subprime US mortgage resets will happen next march.
Gerri, help us to set a priority at this point, the priorities, What’s the No.1 thing we should all do if you happen to have an adjustable-rate mortgage?
Well, get your paperwork. If you have a one, three or five year hybrid ARM, your monthly statement will not tell you, your caps or any other terms of your loan to find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjust what rates can adjust annually. Next you’ll wanna look at the caps, these caps, they ah prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you will have to pay, call a nonprofit counseling organization. To find one in your area, go to HUD.gov.
What about refinancing as an option? Who should think about that?
Well, sometimes refinancing just isn’t in the cards, especially if your home price has dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percentage points. In order to refinance, you’ll need 10 to 20 percent equity in your home.
For home owners struggling right now to just make the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?
Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro interest rates, those teaser rates on home loans before they reset at a higher level. A decision could come this week, but remember, this is just a proposal for right now. I’ll bring you the details as they develop. And if you have any questions, please send them to us at toptips@cnn.com. We love hearing from you.

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The housing market is already troubled and the next tsunami might be right around the corner. Resets on ARM, adjustable rate mortgages could set off a new wave of foreclosures. CNN’s personal finance editor Gerri Willis joins us now to offer some advice on how to avoid mortgage reset headaches.

And Gerri, first and foremost how big of a problem are we encountering in the industry?
Well, I will say it’s a big problem. There’re about 2.3 million subprime borrowers whose home loans are projected to reset at higher rates through the end of next year. Now, that means those low teaser rates may go up a few points resulting in monthly payments. It could be hundreds of dollars more. Now the peak of subprime US mortgage resets will happen next march.
Gerri, help us to set a priority at this point, the priorities, What’s the No.1 thing we should all do if you happen to have an adjustable-rate mortgage?
Well, get your paperwork. If you have a one, three or five year hybrid ARM, your monthly statement will not tell you, your caps or any other terms of your loan to find out when your rate could adjust and what you’ll be on the hook for. Dig out your adjustable rate rider now. This should be included with your original closing papers. Adjustable rates can adjust annually. Next you’ll wanna look at the caps, these caps, they ah prohibit your interest rates from moving too much in either direction in a given time frame. If you have any questions or you are not sure what you will have to pay, call in our nonprofit counseling organization. To find one in your area, go to HUD.gov.
What about refinancing as an option? Who should think about that?
Well, sometimes refinancing just isn’t in the cards, especially if your home price has dropped in the last few months. If values haven’t dropped that significantly and you wanna get out of the rate reset, think about refinancing. Refinancing makes sense if you plan to stay in your home for at least another 2 years and you’ll lower your interest rates by at least 1.5 percentage points. In order to refinance, you’ll need 10 to 20 percent equity in your home.
For home owners struggling right now to just make the basic payment and then have the adjustable-rate mortgages, is there any help out there for them?
Well, right now Treasury Secretary Henry Paulson and Federal Banking Regulators are working out the details of a plan to extend lower intro-interest rates, those teaser rates on home loans before they are reset at a higher level. A decision could come this week, but remember, this is just a proposal for right now. I’ll bring you the details as they develop. And if you have any questions, please send them to us at toptips@cnn.com. We love hearing from you.

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