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For the Record

December 09, 2007

Foreclosure: An article in Business on Friday that answered questions about a government-brokered plan to help sub-prime borrowers avoid foreclosure said the new monthly payment on a $100,000 loan whose interest rate reset after two years from 5.99% to 10.413% would be $908.24. In fact, if the borrower made principal and interest payments for two years at the initial interest rate, leaving 28 years on the term, the new monthly payment would be $894.83.

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