Sources: Treasury is close on mortgage-freeze plan

The U.S. Treasury Department is close to announcing a plan it is brokering with mortgage industry leaders to hold interest payments steady for many subprime borrowers facing foreclosure.

Treasury Secretary Henry Paulson discussed the plan at a meeting with top banking regulators and industry representatives Thursday and is expected to announce details of the proposal as early as Wednesday, sources familiar with the meeting told Reuters.

As envisioned, the plan would freeze mortgage rates for stressed borrowers who took out loans with low teaser rates that are due to reset to a much higher level.

Read Full Article from USA Today

- Posted: 2007-11-30 10:44:21

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