"A $100-million refinancing program has been created by the state and the mortgage industry for people on the verge of losing their homes because of risky, adjustable-rate mortgages.
Borrowers with adjustablerate loans or terms that require them to pay only the interest due each month will be eligible for new 30- and 40-year fixedrate mortgages under a program administered by the State of New York Mortgage Agency, or SONYMA, Gov. Eliot Spitzer said in a statement." . . .
Under “Keep the Dream” at SONYMA, loans can go as high as $417,000 . . .
Restrictions will limit the refinancing to people with incomes of up to 165 percent of the median in New York City and surrounding counties, or 125 percent of the median in the rest of New York. That will cover residents earning up to $58,120 in poorer areas, up to $94,000 in New York City and as much as $158,560 in affluent areas including Rockland County. . . .
Wow! And you thought welfare was only for the poor!