Group of banks helping some homeowners with mortgages

[0:21] ..." in their home but once that that payment reset within resent the interest rates there's only going to be in trouble and the banks have gotten together with the Federal Reserve Bankboston to really it's it's it's really kind of a public relations campaign if you will need to get the word out"...

[3:17] ..." were a lot of products out -- that and -- people would buy houses that they couldn't -- you know and they would -- by the you know very low initial rates and that you know housing prices were going -- so they -- one way or -- convinced that they -- they could buy -- to their dreams -- the first years or -- or two payments that -- the low teaser rates -- I'm -- the idea it was you -- housing market kept accelerating. That they would be able to refinance out of these things and in fact. That hasn't happened obviously analyst you"...

[0:00]" Well the -- initiatives. Anthony's two -- make people where all the alternatives that it may be for people who are in one of these sub prime mortgages it's scheduled to you know rate reset shortly yen and maybe making the payments spine and media equity in their home but once that that payment reset within resent the interest rates there's only going to be in trouble and the banks have gotten together with the Federal Reserve Bankboston to really it's it's it's really kind of a public relations campaign if you will need to get the word out that that there are these programs particularly those -- guaranteed by the -- housing administration the FHA that are available to people have equity in their homes that are making -- payments currently but they're vulnerable as a result of the rate -- and and so -- banks have gotten together we were asked to participate because -- early in the largest bank that currently headquartered in England where. Based in Woodbury Connecticut but we got seventeen billion in assets you know were growing. You know acquired -- acquired first about three years ago based in -- and that's really spearheaded our nation into both the Rhode Island and Massachusetts markets so we really saw this him as an opportunity to to step up in demonstrate that Webster player in this market and we're ready willing and able to -- and we can."

[2:43]" Well you know it's it's a very good question it -- because I think. You know we've got to this point because there -- a lot of these mortgage companies that sprung up in you know they found investors that. Willing to two by the paper and you know last gosh I don't know how -- has been five or ten years that these you know these sub prime mortgage products have been out there you know that but what what is the ultimate motivation -- I'm not sure whether it's greed or whatever that. That -- grow this marketplace but there were a lot of products out -- that and -- people would buy houses that they couldn't -- you know and they would -- by the you know very low initial rates and that you know housing prices were going -- so they -- one way or -- convinced that they -- they could buy -- to their dreams -- the first years or -- or two payments that -- the low teaser rates -- I'm -- the idea it was you -- housing market kept accelerating. That they would be able to refinance out of these things and in fact. That hasn't happened obviously analyst you know a year -- two we've seen housing prices stabilized to decline. And and now these people are sitting again with mortgage products that they. Really had no business getting into in the first place and really in oil projects in terms mean families --"