Five banks commit $125M for New England refis

Five banks have committed $125 million to help New England homeowners with good payment histories refinance out of high-cost loans or avoid interest rate resets on adjustable-rate mortgages.

At least 38,000 borrowers in six New England states may be eligible for help under the program, but the initial funding pledged by Citizens Bank, Sovereign Bank, TD Banknorth, Webster Bank and Bank of America would only fund about 500 mortgages.

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