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Loan Modification

: Mortgage Lender Implode-o-Meter

State models for use of the Tax Credit as Downpayment

By Implode-Explode Heavy Industries

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Donovan did not reveal many details, but the plan could be modeled after programs in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee and Washington. To quickly infuse cash into their housing markets, these states created "bridge loans" that allow buyers to borrow against the $8,000 credit and then repay it with their tax refunds.

Full post as published by Mortgage Lender Implode-o-Meter on May 19, 2009 (boomark / email).

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