BOSTON – Massachusetts will become the first state to create a fund to help troubled subprime and other borrowers to refinance their mortgages and stay in their homes. The $250 million fund is one of several being contemplated around the country to help troubled homeowners. Fannie Mae has agreed to put up most of the money $190 million, with the state’s housing agency, MassHousing, providing $60 million. The money will be used to finance foreclosure prevention counseling and to refinance high-risk subprime mortgages into conventional fixed-rate loans.
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