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Silent Mortgages Could Make A Lot Of Noise In The Gulf

Jeffrey Lubell, the Executive Director of the Center for Housing Policy in Washington, DC writes commentary called: Let’s Talk Out Loud About ‘Silent Mortgages’ [WSJ] [1]

For the devastated Gulf Region, silent mortgages could be an effective way to rebuild in addition to FEMA grants and SBA loans.

Download the discussion draft [pdf] [2]

With silent mortgages, no payments are due until the homes are resold. Because the source of repayment is the property itself, rather than the family’s income, poor credit and low incomes are less significant obstacles, enabling far more families to qualify.