Someone to Speak for Borrowers in Trouble


AS she leafed through her client’s mortgage papers, the housing loan counselor just shook her head.

The numbers and interest rates and payment schedules formed such a familiar, dispiriting picture. The 32-year-old man who was sitting across the desk from her said he had been persuaded to take out an adjustable rate mortgage called an option ARM when he bought his home, the first he has owned. The terms of the loan put him in danger of joining millions of people dragged under by the mortgage crisis that has washed through towns and cities across the country.

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