Rate Helps to Create Homeowners Assistance Initiative

CEO Ciardelli teams with Governor to lower mortgage payments

CHICAGO, IL — February 15, 2008 — At the request of Illinois Governor Rod Blagojevich, Rate CEO Victor Ciardelli organized a lender group to help Illinois homeowners reduce their monthly payments. The program announced yesterday was funded with $200 million from Rate and three other lenders.

The comprehensive plan is focused on helping borrowers refinance existing loans into stable 30-year fixed-rate mortgages capped at 8% interest. The state-wide initiative for loan amounts up to $417,000 is available to borrowers who have a minimum credit score of 580 and includes mandatory credit counseling.

"A significant amount of borrowers probably weren't put into the right mortgage programs in the past," Ciardelli told the Chicago Tribune. Rate hopes Illinois residents with ballooning adjustable rate mortgages will take advantage of the new assistance available under the program to lower their payments and stay in their homes.

Rate is focused on helping homeowners across the country. We join Governor Blagojevich in his hopes that more Illinois lenders will take part in the program.

Founded in 2000, Rate provides consumers with low-cost home loans, and is privately held.

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https://www.rate.com

ADDITIONAL LINKS:
State Of Illinois Press Release On Homeowner's Assistance Initiative