Five years after the mortgage industry revved up special programs to finance homes for Americans with low and moderate incomes, soaring late payments have raised questions about the future of the initiatives.

The nation's largest independent mortgage banker, Countrywide Home Loans Inc., reports that the 41,000 borrowers in its $3.5 billion affordable- housing program are delinquent at about three times the average rate of just under 3% for conventional loans.

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