Mitigation Mortgage
Mitigation Mortgage :
A proposal of the Financial Services Roundtable wherein the financial industry would develop lending instruments with maturities and interest rates comparable to those they now offer in financing first and second residential mortgages. Such loans would be marketed for individuals seeking loans to finance mitigation upgrades to their existing structures. For new structures, the costs of mitigation can be added to the initial mortgage (ratings of the ability of homes to withstand wind, water, or earthquake damage would help stimulate interest in obtaining such mortgages). (FSR, Mega-Catastrophe, May 2007, 37)
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