Seeking a solution for buyers with bad credit

01/29/2013 | Los Angeles Times (tiered subscription model)

Some housing advocates want banks to offer a new type of mortgage for buyers with tarnished credit. The idea for what some call a "dignity mortgage" is to charge higher interest rates up front and move to a lower rate if borrowers remain current for five years. The higher interest paid over the first five years would go toward the mortgage balance. Critics say such a product essentially would be a move back to subprime lending.

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