VOA常速英语2008年-Thousands of Subprime Borrowers Seek Financial

By Jeff Swicord
Cleveland, Ohio
19 March 2008
 

We have been examining the subprime mortgage crisis in the United States that has caused thousands of Americans to lose their homes, and has resulted in losses to financial markets around the world.  In this third and final part to our series on the crisis, VOA's Jeff Swicord takes a look at a community organization that is working to move homeowners out of subprime mortgages into more stable fixed¹ rate loans.

New clients attend a gathering at the East Side Organizing Project, or ESOP, in Cleveland Ohio.  ESOP is a non-profit community organization that works to refinance subprime mortgage borrowers on the verge² of default or foreclosure.  Project Director James Jones oversees³ three orientation⁴ sessions a week. He recollects⁵ attendance at previous orientation sessions.

 "Back in August we were having 20 to 25 people in a session.  And that went on for about a month and a half.  It seemed like it cooled down a bit.  In October it exploded again," he said.

Jones says subprime, or higher interest rate, loans first appeared in Cleveland's inner city neighborhoods. They are aimed at lower income borrowers who do not qualify for lower interest loans.  Low adjustable⁶ rate mortgages, or ARMs, benefit first time buyers because of the loans' introductory rates.  But those rates usually increase in two to five years.

"Some of those folks may have fallen victim.  When they sat down to read the contract, they saw that it had a variable rate and they may have asked the broker⁷, 'What does that mean?'" Jones said.

He explains, by the time the mortgages ballooned, the broker had closed up shop and left the area. And the borrower was left with a mortgage that he or she could no longer afford. 

Mark Trawicki says he fell victim to a fast talking broker. 

 "Well, he looked over my original loan, and he said, 'I can reduce your monthly payment by about a hundred bucks⁸.'  And I said, 'OK, that sounds like a good deal,' and it would be an adjustable rate for five years," he explained.

His mortgage ballooned from 3.7 percent to 8.25 percent, and he says he is having trouble paying his bills.

"So, at this point I am trying to stop the hemorrhaging and get back to something I can work with," he said.

ESOP counselor⁹ Kristin Anderson says Trawicki's financial situation is better than most clients.  She will try to get his lender to renegotiate his mortgage to a more affordable¹⁰ fixed rate.

"He is showing a surplus in his income," she noted¹¹.  "So, they might say that he can afford this.  So usually, I go back and fight with the lender and say if you don't put him into a fixed rate, eventually he is not going to be able to pay his mortgage."

East Side Organizing Project officers say they do not expect foreclosures in the Cleveland area to slow down anytime soon.  They say more homeowners will be walking through their door looking for help well beyond 2010.

1 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

2 verge   

n.边，边缘；v.接近，濒临

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• She was on the verge of bursting into tears.她快要哭出来了。

3 oversees   

v.监督，监视( oversee的第三人称单数 )

参考例句：

• She oversees both the research and the manufacturing departments. 她既监督研究部门又监督生产部门。 来自《简明英汉词典》
• The Department of Education oversees the federal programs dealing with education. 教育部监管处理教育的联邦程序。 来自互联网

4 orientation   

n.方向，目标；熟悉，适应，情况介绍

参考例句：

• Children need some orientation when they go to school.小孩子上学时需要适应。
• The traveller found his orientation with the aid of a good map.旅行者借助一幅好地图得知自己的方向。

5 recollects   

v.记起，想起( recollect的第三人称单数 )

参考例句：

• All are recollects, all are felt, all only not once putting behind. 一切只是回忆，一切只是感觉，一切只是卜曾的忘却。 来自互联网
• Recollects hardware information on this computer. 重新收集关于这台计算机的硬件信息。 来自互联网

6 adjustable   

adj.可调整的，可校准的

参考例句：

• More expensive cameras have adjustable focusing.比较贵的照相机有可调焦距。
• The chair has the virtue of being adjustable.这种椅子具有可调节的优点。

7 broker   

n.中间人，经纪人；v.作为中间人来安排

参考例句：

• He baited the broker by promises of higher commissions.他答应给更高的佣金来引诱那位经纪人。
• I'm a real estate broker.我是不动产经纪人。

8 bucks   

n.雄鹿( buck的名词复数 )；钱；（英国十九世纪初的）花花公子；（用于某些表达方式）责任v.（马等）猛然弓背跃起( buck的第三人称单数 )；抵制；猛然震荡；马等尥起后蹄跳跃

参考例句：

• They cost ten bucks. 这些值十元钱。
• They are hunting for bucks. 他们正在猎雄兔。 来自《简明英汉词典》

9 counselor   

n.顾问，法律顾问

参考例句：

• The counselor gave us some disinterested advice.顾问给了我们一些无私的忠告。
• Chinese commercial counselor's office in foreign countries.中国驻国外商务参赞处。

10 affordable   

adj.支付得起的，不太昂贵的

参考例句：

• The rent for the four-roomed house is affordable.四居室房屋的房租付得起。
• There are few affordable apartments in big cities.在大城市中没有几所公寓是便宜的。

11 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。