Creative thinking needed

Posted on Sep 09 2011

The news article demonstrating the plight of the Northern Mariana Housing Corp. headache relative to outstanding delinquent loans to date and how it is positioning to auction some of the properties is a sign of the times. Somehow, it seems that extending or increasing the term of the mortgage of the troubled loans is the key, not a reduction in the interest rate. So if the NMHC board is really serious about helping out these unfortunate bunch of homeowners that are sandwiched between a rock and a hard place, this would require thinking outside the usual box. The simple solution to all this is a change in the term of the mortgage. A 40-year term mortgage is not unusual at all, but certainly it would require some creative thinking to make it happen.

Francisco R. Agulto
Chalan Kanoa, Saipan

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