ASF Expands Teaser-Rate Freeze to Resets Following Initial Reset on Subprime ARMs
July 10, 2008
The so-called teaser-freezer loan modification for distressed subprime borrowers announced by Wall Street in December now applies to any resets on subprime ARMs, rather than only the initial rate reset that was required in the original guidance. This major revision to the American Securitization Forum’s “Streamlined Foreclosure and Loss Avoidance Framework for Securitized Subprime...