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Price index swaps reduce risk of low down payment mortgages: Exec

Home price index swaps, treated as a second lien on a property, will be used to reduce the default risk associated with low down payment mortgages, one of the program's creators said.

Risk Reduction Mortgage Corp., based in Manchester, N.H., is the marketer of the second mortgage product. A first mortgage lender would originate both pieces, said CEO Marc Biron. The originator would use its normal exit strategy — secondary market sale or portfolio — on the first mortgage.

The second, marketed as the Risk Reduction Mortgage, would be held by RRMC. A home diversification agreement is created with the borrower who at the time of origination purchases a local home price index that is then exchanged with RRMC for a national index. A national index has 65% lower volatility than a local index and therefore is less risky for all parties, Biron said, creating an alternative to other forms of credit enhancement for low down payment mortgages such as private mortgage insurance and the Federal Housing Administration program.

can a mortgage lender seek deficiency if I filed for bankruptcy in NH?

Chapter 7 discharged in 08. Mortgage was not reaffirmed.

No. If you did not reaffirm, your personal liability for the mortgage was discharged in bankruptcy. Any attempt to collect any deficiency would be a violation of the discharge order.