MILWAUKEE – Landmark CU announced last week it will provide $10 million in low-interest loans to help subprime mortgagers refinance their loans. Under Rescue Refi, Wisconsin’s largest credit union will offer loans as much as 200 basis points below the 8.25% being seen by many ARM borrowers who saw their rates bump-up recently. The program will provide members with an ARM that is fixed for five years and can be adjusted a maximum of 1% a year after that, with a 6% cap on the increase over the life of the loan.
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