Selectively edited quotes from Bloomberg: [url]http://www.bloomberg.com/apps/news?pid=20601109&sid=akOEPec30TR4&refer=home[/url] Robert Murray of Middletown, New Jersey, said he didn't pay enough attention when he took out a five-year adjustable-rate mortgage in 2002. This month, his payments ballooned to $1,800 from $1,300. Because he makes about $90,000 a year at his Newark Liberty International Airport maintenance job and hasn't missed a payment, he said he hoped he might be a good candidate to refinance. For now, Murray will struggle to make his monthly payments, foregoing vacations, restaurants and perhaps parochial school for his 5-year-old daughter. He yearns for help from the government. Since the value of his home has declined from the $265,000 he owes on two mortgages, Murray's equity has vanished. If Murray were to apply for an FHA-insured refinance, he'd be out of luck. Murray borrowed more than his home is now worth, so he would have to write a check of at least $45,000 to close a refinance. He doesn't have the cash. ``I'm way upside down,'' Murray said. ``The payments will kill me now. I don't know what I'm going to do.'' The Federal Reserve Bank pumped $62 billion into the banking system on Aug. 9 and Aug. 10 in an effort to soothe a credit crisis. Murray said the Fed should do the same for borrowers. ``If they gave us that money, we'd be able to be out of this predicament,'' he said.
