The Real Deal Miami

Mortgage broker suggests housing fix

January 22, 2009 11:19AM

David Gosselin, a loan officer at Vintage Mortgage, based in Sunrise, has a loan
reworking proposal that offers a potential solution to the problem of
declining property values that keep homeowners owing more than their
houses are worth. He plans to suggest to the staff of U.S. Rep. Debbie
Wasserman Schultz, Democrat of Weston, that lenders take lower valued
appraisals and rework their loans for lower payments. Finance charges,
over time, will replace lost revenue from the larger
loan, he said. The recent homeowner assistance bill has not been
effective because it doesn’t do anything for distressed borrowers who
still are current on their mortgages, he said.