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''Transferable mortgages'' concept being tossed around again: some good, some bad to concept, experts say. (Focus Real Estate).

Publication: Mississippi Business Journal
Publication Date: 31-MAR-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
They're called "transferable mortgages," "mobile mortgages," "Universal mortgages" and "portable mortgages," and while they might sound like a good idea conceptually, there's some doubt they'll work in the real world.

The idea of the transferable mortgage, as the name implies, is that creditworthy borrowers would be able to move with their mortgages from house to house. With each move, borrowers would incur a transfer fee and pay the difference between the balance on the home loan and the sales price in cash or through a second mortgage. Advocates say such mortgages would minimize the prepayment risks assumed by mortgage-bond holders; let buyers buy more...

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