Under a plan coordinated by the Federal Reserve Bank’s Boston branch, five banks have indicated a willingness to make available $125 million to refinance subprime mortgages in New England that are scheduled to reset at higher rates.

This novel plan is intended to attract borrowers who have loans typically made to people with weak credit but whose credit scores, home equities, and payment histories would probably qualify them for traditional mortgages.

Many of these probably could find refinancing on their own, Fed officials acknowledged, but they have been wary of seeking help because their loans may be troubled already.

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